What Is Single Premium Life Insurance?

A single premium insurance plan is one in which a buyer pays lump sum cash upfront for guaranteeing payment of policy proceeds to beneficiaries in the event of his death.

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Learn How To Buy A Single Premium Insurance Policy Online Now

To learn how to get a good single premium life insurance quote online, it could be vital for you to know the way in which this type of coverage works. In such type of a cover, initial payment made along with the interest accrued over its entire time span could replace premium payments which a buyer would have been otherwise paid on a regular basis under some common agreement. However, if you are considering buying this type of a policy, it is essential that you learn the steps for finding a good cover.

  • You have the option to choose between a single whole life insurance quote and a variable or universal coverage proposal. Learn to differentiate these options.
  • Shop covers being offered by different companies and make sure that all these include homeowners’ and car insurance covers as well.
  • Compare features provided and prices charged for several single premium life insurance policies and also check if there are any agent commissions or processing fees.
  • Make arrangement of funds for paying the single premium on the insurance cover you have chosen. It may require hundreds or even thousands of dollars.
  • Spend 6 months doing some dieting or exercising to reduce cholesterol levels and quit smoking if you intend to qualify for the best price rates.
  • Ensure that you get a terminal illness rider attached to your policy as it will offer coverage for death benefit and final expenses as well.
  • The policy document is an important piece of paper and to that effect, you need to store it in a safe place and review it periodically.

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Get Benefitted With Cheap Single Premium Life Insurance Rates

When you are on the lookout for easily affordable single premium life insurance quotes then opt for policies that enable:

  • Tax deferred earning accumulations
  • Immediate tax-free death benefit to beneficiary
  • Easy access to your money during unforeseen circumstances

Know When A Single Premium Insurance Policy Is A Great Option

A single premium term life insurance could be one of your best options if you have attained the age of 40 years. Getting such coverage at that age makes sense as you just need to pay a lump sum amount which turns out to be much lesser than the total number of premiums on a general life insurance policy for a period of 45 years.

Single Premium Life Insurance Plans - 4 Crucial Facts About Them

Here are 4 important facts relating to a life insurance policy with a single premium which every buyer must know.

  • Securing an SPLI cover: Although it could be easier to secure such a policy, it could be highly expensive. Besides, you need to have enough disposable income to pay lump sum payment.
  • Amount of death benefit: The size of the death benefit provided could vary as per the age, health and amount of premium paid by the insurer.
  • Understand the difference: During old age, when you need some real financial assistance, a SPLI allows you to withdraw up to 90 % of the money invested.
  • Your 2 major alternatives: SPL policies could be available in the form of whole life or variable universal life insurance covers in the market.