LIFE INSURANCE RISK ASSESSMENT
Preferred Plus : You are in excellent health; take no medications; normal height and weight besides a few other factors.
Preferred: Excellent health; blood pressure or cholesterol under control with medication. No history of smoking in the last two years besides other factors.
Standard Plus and Standard: Now you are getting into serious health conditions and other factors. From here on, it is a downward journey.
Single premium universal life insurance offers Guaranteed Death Benefit that cannot change. It can also offer you index-linked interest options if you like to go that route.
Guaranteed No-lapse Protection clause keeps the policy active between the age of 95 and 121. You choose.
The most important thing is that you will never have to pay another premium for the rest of your life. Pay once to cover a lifetime.
Consider using Single Premium Universal Life Insurence when planning for:
Estate Conservation and Family Protection: guarantees liquidity to cover estate tax and protect the family.
Guaranteed income tax-free death benefit to finance business needs.
Increased ability to give larger charitable gifts to your favorite places of worship, non-profit organizations and universities.
A 55 years old healthy male if invests $103,955 into a single premium universal life policy, his immediate death benefit* will be $500,000.
That is a gain of $396,045 for his beneficiary.
A 55 years old healthy female if invests $89,935 into SPWL policy, her immediate death benefit* will be $500,000. That is a gain of $410,065 for her beneficiary.
A sure way to leave a larger legacy behind.
* Under the current tax code, death benefit proceeds go income tax-free. **Subject to underwriting, age, and state availability.
ISSUE AGE: 0-85 years
MATURITY AGE: 120
MINIMUM FACE AMOUNT: $25,000
CASH VALUE: Usually No
A NOTE ON MEC
A single premium life insurance policy is always a modified endowment contract (MEC). , which simply means that your life insurance policy will be treated as a qualified plan such as, IRA, 401K, SEP or 403(b); and will incur the same penalties if you withdraw any available cash value.
When cash accumulation in a life insurance plan is not important; when all you want is to leave a legacy of financial cushion for those you love and who depend on you; when you want a guaranteed coverage for a lifetime, single premium universal life insurance brings you the most for your buck. Remember, the best life insurance plan is the one that fulfills your need.