It almost seems too good to be true, but you can provide extra security for your family’s future with just one payment. With single premium whole life insurance there is no need to make monthly payments to get a policy that is good for the rest of your life. There are many benefits to this approach, including the simplicity of never having to make additional payments and never having to worry about the policy lapsing.
In addition, this type of life insurance can be issued to anyone age 85 or younger and can hold a face value of up to $4 million. It provides a level death benefit and even can be used as collateral for loans.
There is no tax liability for the beneficiaries and as long as the policy is left untouched cash values can increase through dividends. Once clear beneficiaries are listed on the policy there is no need to go through expensive and time consuming probate court.
A single premium whole life insurance has many advantages over traditional life insurance. Once the policy is in place it will always be there, taking away any worries about rising costs or missed payments. It is a smart way to protect your family and to provide them with a high level of financial security.