Savings-based insurance is a simple way to set up your end-of-life benefits that can adapt to a variety of needs and uses. Your premium is funded up front, providing a guaranteed benefit that can grow more quickly than other forms of investment.
Since your policy is paid up front, you can use it for more than just death benefits.
Your policy is fully funded from the start, helping your investment grow quickly; and because savings-based insurance is tax deferred, you’ll see even bigger benefits.
Leverage your coverage for the unexpected, such as end-of-life care or emergency medical finances. You can even withdraw funds tax-free in the event of terminal illness.
Legacy gifts, death benefits, or a college fund for the grandkids—however you choose to designate your policy, the beneficiaries will not be taxed on your gift.
End-of-life planning is now simpler than ever with savings-based insurance. Whether you need additional coverage, a plan for end-of-life care, or simply want to ensure your loved ones are cared for, it can provide peace of mind for a multitude of situations.
Legacy Gifts: Leave a legacy by setting up a policy for the charity of your choosing.
College Tuition Payments: Want to ensure your children or grandchildren can afford higher education? Since your policy is paid in full up front, you can borrow against the cash value of your policy to cover college tuition. The cash value of the policy will not factor into financial aid, and withdrawals may be income tax free.
Medical Expenses: More than half of all bankruptcies are caused by medical expenses. Our policy can be a simpler and more cost-effective alternative to long-term care insurance if the unexpected happens.
End of Life / Terminal Care: If you’re diagnosed with a terminal illness and have less than 12 months to live, many single premium policies will allow you to withdraw a portion of the policy for end-of-life care.
Death Benefits: Like all policies, savings-based insurance can serve as a death benefit to your beneficiary of choice. The policy also goes to your beneficiary tax free and does not need to go through probate to be released, guaranteeing a faster payout.
A savings-based insurance policy is a one that is funded with one upfront payment. The policy is fully funded immediately and grows tax-deferred. The policy’s versatility allows it to be used for end-of-life care, unexpected medical expenses, and other options depending on how it is written.
You must qualify for a single premium life policy based on your health and financial situation. Contact one of our financial advisors today to see if you qualify.
Our single premium policies require a minimum of $5,000 to start.
No. The policy is fully funded in one upfront payment. However, the investment will grow tax deferred, adding more cash value to the policy the longer it grows.
Yes. Certain qualified monies can be used to fund a policy.
In certain situations, such as medical emergencies, yes. You may also be able to withdraw a portion of the policy tax free.
Most single premium life policies have a return of principal guarantee. Speak with your financial advisor to discuss the details of your policy.
Contact us today to learn how to put single premium life insurance to work for your retirement plan.