Coverage options to 90, 95, and Beyond despite the implication of its name, guaranteed universal life insurance (GUL) is not whole life insurance. But, it is designed to last your entire life. It does not build cash value, allowing you to keep your same monthly payments low, and does not carry the expensive management fees of whole life. Instead, a GUL policy offers fixed premium rates through the life of the policy, just like a term policy. While term policies offer fixed rates for a specific number of years (10, 15, 20, 25, 30), GUL policies are set to specific ages (90, 95, 100, 105, 110, and even 121). The later the age, the higher the likelihood of your policy paying out a death benefit, and the higher the cost. With this in mind, you have the option of tailoring your GUL policy to your needs, life expectancy, and budget. In many cases, especially after the age of 60, guaranteed universal life can be even more affordable than a comparable term life policy.