If you’re looking into single premium whole life insurance, you may be wondering how these plans are different from other options. There are a few things you may want to know about these plans. Keep reading to learn more.
A life insurance plan with a single premium is exactly what it sounds like. You pay a single premium based on the plan type and you get full coverage as outlined in the policy. They usually cover the lifetime of the policyholder and come with many of the benefits you would expect in a traditional plan. In most cases they can be issued to infants up to those 85 years of age. They may also come with level death benefits, creditor exemptions, and the possibility for dividends. In many cases riders can also be purchased with the plan allowing you to acquire additional coverage in the future without showing proof of insurability.
Not only in single premium whole life insurance only require a single payment in order to receive coverage for life but there are a number of benefits to choosing one of these plans. If you think one of these may be the right option for you it’s best to set up an appointment with your insurance agent. They can answer any further questions you may have.