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2/22/2019 8:45:14 PM
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Experience Independence Honesty


Single premium life insurance plan is a fully-funded life insurance policy. A lump-sum of cash is paid into the policy to create a death benefit that under guaranteed assumptions remains level at all times and maintains an increasing cash value. The amount of coverage usually is directly proportional to the amount of initial contribution, your age and your health.

Let’s look at an example. If a non-smoker male in perfect health at age 50 contributes $170,000 into a Single Premium Whole Life plan with cash values, his immediate coverage could be as a much as $500,000. That is a gain of $330,000. If he dies next day or any time till the age of 121, his beneficiary will receive a total of $500,000 generally income-tax free, if sturctured properly.

Now, if a male at age 50 doesn't care for cash values and takes a Guaranteed Universal Life (GUL) insurance instead of a Whole Life, he will contribute only $88,254 for a $500,000 death benefit. He will pay less but will have the same amount of guaranteed coverage until the age of 120. That’s how simple it is!

Women usually get more for less. It is mainly due to the mortality factor. They tend to live longer than men. A perfectly healthy female at age 50 can get a $500,000 sinlge premium guranteed univeral life plan for only $73,796

Primarily, there are four types of Single Premium Life Insurance Plans:

  1. Single Premium Whole Life - Participating and non-participating (SPWL)
    These are both cash value plans. One is more aggrresive than the other but both last a lifetime (age 121).

  2. Single Premium Guaranteed Universal Life (GUL)
  3. GUL policies do not accumate cash as they go. As a result, single premium univeral life plans cost less than whole life or cash value plans. The target is to have a lifetime of coverage and receive the most in death benefit the money can buy.

  4. Single Premium Univeral Life with Index Option (IUL)
  5. These plans allow you a risk-free participation in S&P 500 performance. So the dividends are index-based and not guaranteed.
  6. Single Premium Variable Life (VUL)


SOME OF THE BENEFITS OF SINGLE PREMIUM LIFE INSURANCE

  1. Single premium life insurance plans can never lapse.
  2. They offer a guaranteed financial legacy.
  3. These are a powerful tools to handle Estate Taxes and leave behind a tax-free inheritance.
  4. Work as a great Final Expense or Burial Life insurance plan.
    For example, a 65 years old man in good health can get a $25,000 universal life policy for a single premium payment of $11,000; or $15,000 for a whole life policy.
    (All figures are rounded to nearest 1000)
  5. Some of these plans also offer tax-free access to your cash value or death benefit for managing Long term Care expenses.
  6. Some of these policies also come along with a free rider called, Terminal Illness Rider. Accordingly, if you are diagnosed with a terminal illness and have a life expectancy of 12 months or less, the insurance plan allows you to withdraw part of the death benefit while you are still alive.

TAX TREATMENT
The single premium contribution that you put in this plan grows tax deferred. You will only pay tax on the gain if you decide to withdraw or borrow from the policy. However, there could also be IRS penalty as these policies are usually considered modified endowment contracts (MECs). Always consult your tax advisor before making a decision to borrow. Here is a good link on Modified Endowment Contracts for you to review: Single Premium Plans and MEC.

However, please note that upon your demise, your beneficiary in most circumstances will receive the entire death benefit (minus what you borrowed, if you did) income tax free.

CONCLUSION
From covering the cost of a decent burial to protecting your estate from inheritance tax, single premium life insuracnce is an effective and powerful solution for creating an immediate estate through life insurance.

Please fill out the following form for a no-obligation confidential consultation; or simply call us at 1 866 526 7264:

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LIFE INSURANCE QUOTES
Find the best rates for Term Life, Return of Premium Term and Guaranteed Universal Life Insurance plans.
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PLEASE NOTE: By law, agents and brokers offering life insurance products cannot charge fee for service from a client. Therefore, your premium is exactly what an insurance company quotes.

Please visit our updated user-freindly quote engine: REAL TIME LIFE QUOTES.
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