Single Premium Life (SPL) Insurance Explanation

What is Single Premium Life Insurance, which is also sometimes just called SPLI? Instead of making payments over a period of years, you actually fund this type of policy with one large sum at the beginning for the contract. We are used to paying premiums once a month, or once a year, over many years. In this case, you just pay once, and then you are done. You can also get more information here: Single Premium Life Insurance Explained.

Who Should Consider SPLI?

There are some advantages to buying a whole life policy this way. You can just make one large payment, and then know you will be covered for the rest of your life. And if you happen to have a lump sum of cash, you can usually purchase many times that amount of face value. So one type of person who should consider this product would have some cash they do not need to spend, and who would like to turn that sum into a larger sum to pass on to heirs.

Estate Transfer Example

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Have You Outgrown Life Insurance or Not?

Related: No Medical Exam Life Insurance For Seniors

You probably heard the same thing I did. Term life insurance policies are for younger people who need to cover their home mortgages and family members who depend upon their incomes. They are affordable, because they are pure life insurance. The rest of your money should be used to invest in higher paying savings vehicles. LOL – if you survived 2008, you may be wonder what those high paying savings vehicles are. I have no idea.

And the problem is, 10, 20, or 30 years passed, and we found that our coverage had expired, but our need for coverage did not magically vanish! We still owed money on our homes because we had purchased a new house or refinanced the old one. Our kids did not follow our schedules. In fact, many of us have our kids and our kid’s kids depending on us now!

Now for the Good News!

But I have good news! Statistics show that Americans are living longer and healthier lives so Insurers are willing to extend insurance to older people at very affordable rates. You can find no medical term life insurance and other over 50 life insurance options to provide security for your family.

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