Usually we think of whole life insurance as something that is paid for month after month, year after year. But there is another way to go: Single Payment Whole Life Insurance. It can result in faster growth than you may have ever thought possible!
Here’s how it works: You make a one-time payment for single payment whole life with cash values. A guaranteed fixed interest rate will kick in almost immediately, possibly raising the value significantly. Your single premium life policy will never lapse. Your contribution will grow on a tax-deferred basis.
Single payment whole life may be right for you if you want:
- A smart way to utilize a lump-sum payout.
- To prepare for the unexpected with a policy that’s almost instantly fully funded.
- To leave a financial inheritance or contribute to a favorite charity.
The single payment concept can also be used with Universal Life and Variable Life. Let’s talk about which might work best for you!