Once someone decides they want to protect against the cost of long-term care, the next question is almost always the same: should this be a traditional long-term care policy, or one of the newer hybrid life insurance policies with an LTC rider?

If you've already decided term life insurance isn't enough, and you want a policy that lasts your whole life and builds cash value along the way, you're choosing between two main options: Indexed Universal Life (IUL) and Whole Life insurance. Both are permanent policies. Both build cash value. But the way they get there, and what they guarantee along the way, are very different.

There's a version of permanent life insurance that doesn't get nearly enough attention - one that offers the lifetime coverage of whole life, the affordability of term, and almost none of the complexity of investment-linked policies. It's called Guaranteed Universal Life Insurance, or GUL, and for the right person, it may be the most practical permanent life insurance option available.