People who typically buy Single Premium whole life insurance have estate planning objectives with the tax-free death benefit these policies create. These objectives may involve leveraging their wealth to ensure that a defined amount of inheritance or charitable gift is achieved regardless of the insured’s actual life.
Other uses of single premium whole life insurance leverages optional benefits these contracts can have such as long-term care insurance that can provide instant insurance benefits that greatly exceed the value of the single contribution.
Understanding why one would purchase a single pay whole life insurance policy, which requires significantly more than term life insurance, may be difficult to understand without a comprehensive financial plan.
Decision Tree Financials Wealth Performance and Protection System (WPPS) can help you understand the best strategies to accomplish all of your financial goals and find out if a single pay whole life insurance contract is the right product for you to own.