Guaranteed Universal Life Insurance is coverage that is designed to last an insured’s entire lifetime, has a level premium, and is death-benefit focused. The policy builds some cash value inside the plan but it is strongly advised that the insured or owner NOT access the cash as that would jeopardize policy from keeping a level premium throughout the contract as the insured gets older. So Guaranteed Universal Life is normally less expensive than a traditional Whole Life coverage since there is no cash value to consider but the amount of coverage normally starts at $50,000 and up.
These plans have been very popular with estate and final expense planning when the coverage amount needs to be higher. If you are looking for a lower-priced permanent coverage when a larger death benefit is needed and a level premium forever without the need for any cash value while living than Guaranteed Universal Life is most likely your best option.