Single Premium Life Insurance
What is Single Premium Life Insurance
When you’re browsing the best insurance providers in Wisconsin, chances are you’re overwhelmed by all of the options and even the information that’s available. One question you may have is “what is single premium life insurance?” Let us clarify this for you and help you decide if this may be the right choice for you.
To understand what single premium life insurance is, it is important to think about what “regular” term life or whole life insurance is. These insurance policies cover you for life or for a set amount of time and you will pay a premium each month. Much like you pay your electric bill to keep your electricity active, you’ll need to pay this premium to stay current with your insurance.
Single premium life insurance is different. Instead of paying a premium every month, you pay one premium up front and have insurance for a set term. If you have access to the cash up front, this can be a great solution. Not only will you not have to worry about paying the bill each month, but you will usually pay less in the long run. Some policies allow you to borrow against the amount that you have paid too, if you find yourself in a bad situation in the future. This can give you peace of mind in multiple ways and help you build a strong financial foundation for your family.
If you think single premium life insurance could be what you’re looking for to give you peace of mind and to help protect your family, reach out to American Senior Benefits. We are proud to be one of the best insurance providers in Wisconsin and we will go the extra mile to make sure you are covered every step of the way.