The Advantages of Single Premium Life Insurance Policies

For most insurance policies, premium payments are required every month or year (depending on the policy type and other stipulations). These insurance plans ask for premiums that are usually small payments made over the course of the policy life to keep it from lapsing or canceling; however, there are policies available that only need one upfront payment to keep the plans active: Single-Premium Life Insurance (SPL) Policies.

At TopLine Life Insurance, we give our clients the opportunity to compare various policies from insurance companies within our extensive family of reliable partners. Since our partner insurers are many and varied, our clients can choose from a wide range of policy types, from term-life, and final expense to guaranteed universal life and single-premium options.

Read on to learn more about the single-premium options we offer our clients.

What is Single-Premium Life Insurance?

The simple answer is in the name. Unlike other popular life insurance plans that require many smaller, regular premium payments, taking out an SPL policy only requires one larger upfront payment that funds the entire policy until the policyholder passes away. Watch the video for more information regarding this unique policy option:

The single-premium option is one of the most convenient and advantageous policy options that we provide. It is a permanent plan that requires one payment to be paid-up. The policy will provide cash value that can be borrowed against if necessary. Many SPL policies include a long-term care rider, which if selected will help cover the costs of such care. It is one of the few policies that will provide multiple benefits, a death benefit with long-term care protection if selected. TopLine agents strive to make your premium dollars provide as much protection as possible for your family. The minimum payment required for an SPL policy is determined by your age, health and the amount of insurance requested.

Although there are some challenges to these policies, smart individuals often choose the SPL vehicle to increase an inheritance to their loved ones or favorite charity. Let’s say you have $50,000 that will go directly to a grandchild specified in your will. Consider purchasing a paid-up life insurance policy on yourself with an $85,000 death benefit, and naming your grandchild as the beneficiary. With a simple reallocation of funds you have provided a much larger gift to your loved one upon your death. The actual increase in any inheritance will be based on the age and health of the insured. In order to qualify for this policy the insured must be healthy enough to be approved. Single-premium options are perfect for conservative individuals who have saved money conscientiously and are interested in risk-free investments. With SPL policies, you only get guarantees.

Find out more about single-premium or any of the insurance policies we offer by calling TopLine Life Insurance today! Our experienced and friendly insurance brokers can discuss various options with you and help you choose the right plan from the right insurance company.

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What is the best kind of life insurance?

There are many life insurance policies from which to choose, and the best one for you might not be the best for someone else. If you need lower premiums, a term life insurance policy might be a good option. If you are looking for insurance that provides investment opportunities and does not expire until you pass away, a universal plan is an excellent choice. Speak to a TopLine Life Insurance broker to discuss your options.

What is a life insurance premium?

A life insurance premium is a regular payment you must make to your insurance company to pay for your life insurance policy. Continuous payments will keep your plan active, while missing payments could cause it to lapse. Different policies have different requirements for premium payments, so research possible policies and contact us at TopLine to find the right plan for you.

How much life insurance do I need?

This answer differs from person to person and is mostly dependant upon your finances. Typically, your minimum amount should be enough to cover your mortgage, loans, credit cards, and any other outstanding payments and debts.

Other considerations include:

  • College tuition assistance for your children or grandchildren
  • Income replacement for your spouse
  • Estate planning

Speak with a TopLine life insurance broker to avoid over or under-insuring yourself.

Should I buy life insurance before I turn 40?

Generally speaking, buying a life insurance policy when you are younger and healthier gives you a better chance of locking in a favorable policy premium. By purchasing a plan now, you can guarantee your “insurability” for the future. You won’t have to stress about higher premiums when you get older and possibly experience health issues. Talk to one of our brokers about the best available policies for you.

What is a beneficiary? Who can be one?

A beneficiary is a person listed on your life insurance policy which is the full or partial recipient of the death benefit provided by the policy. Anyone can be a beneficiary, and there can be multiple beneficiaries on the same plan. Note: No one is automatically listed as a beneficiary, including your spouse and children, so be sure to indicate your beneficiary choice(s) at the time of your policy purchase.

Your Family is Our Focus

We are a fully transparent agency, there are no secrets or surprises. We allow consumers to see the companies we represent and allow them to quote prices before they contact us. We want them to know which company offers the lowest prices as opposed to us telling them. Once a program is selected by the consumer or suggested by TopLine, our clients are amazed at the speed in which they are approved for coverage. We have a family mentality that is productive and fun. Our office has almost no turnover, which means you get to know us very well. We are an insurance family, and we treat our clients as an extension of our family, without them, there is no TopLine Insurance.

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At TopLine, we partner with some of the most reputable life insurance companies in the country. We can help you compare quotes and find the best deal.

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Our life insurance brokers are experienced and passionate about finding the best policies for our clients. If you are unsure about your options or have any questions, they are happy to help.

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Don’t worry about medical exams or your financial situation. With TopLine, you can get approved for a life insurance policy instantly.

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They said the application process would be fast. I was thinking I would be approved in a few weeks but somehow, they made sure we got approved the same day. Tracy made the approval process simple and walked me through everything.

- Tanya F.
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