What is Single Premium Whole Life Insurance?
Single premium whole life (SPWL) insurance is a type of permanent life insurance in which you only pay one lump sum premium up front. Most other life insurance policies have recurring payments every month or every year, but with this policy you only have to make one upfront payment. This policy will also provide coverage for the rest of your life.
The main benefit of single premium whole life is that the death benefit is usually about double the amount of the premium. So if you paid $10,000 for the policy, your family would receive almost $20,000 upon your death.
Is Single Premium Whole Life right for me?
Because this type of policy requires a large lump sum premium, it's not right for everyone. However, SPWL insurance might be right for you if you're interested in the following benefits:
- $5,000 minimum premium for most policies (can vary by age)
- Leave money to your beneficiaries when you pass away
- Ability to almost double your money for your loved ones
- No recurring premium payments
- Increase your estate value
- Guaranteed death benefit
- Death benefit will not go through probate
- Ensure your family's financial stability when you're gone
If you're interested in talking to a professional about single premium whole life, fill out the form on this page. We'll be happy to help you get coverage for your family.