Blog

Single Premium Life Policies

The primary benefit of life insurance is to leverage money to create an estate.  This benefit can provide for survivors or to leave something to an organization or charity. Single premium life policies  (sometimes called SPL) are a type of life insurance.   In this type of policy you pay a lump sum of money into a new policy in return for an instant death benefit.  This policy is guaranteed to remain paid-up until death. There are many different versions of single pay policies available. These policies offer a wide range of investment options as well as withdrawal provisions.

With single-premium life policies –

The cash you invest applies immediately.  In Fact, this enables the policy full funding. The size of the death benefit depends on the amount invested, insurance company used, type of underwriting, age and health of the insured.  With these policies, a younger person is normally has a longer life expectancy.   This gives the funds you pay for the premium more time to grow before the insurer expects to pay out the  death benefit. The larger the amount of money you initially contribute to your policy, the greater your death benefit will be.  For example, a 65-year-old female might use a $25,000 single premium to provide a $55,000 income-tax free death benefit to her survivors/beneficiaries.  Whereas a 50-year-old male’s $100,000 single premium might give a $400,000 death benefit.

Many companies have provisions in the policies which allow for a partial withdrawl of cash value in the event that you need money. Other policies guaranteed a full refund of cash value at a certain point (often 6 years ).  A policy can always be surrendered for cash value but policies surrendered prior to maturing may have surrender charges.  Single premium plans should not be used with money that you may need to spend or to live off of.  If you have a lump sum of cash that you don’t need right now and you want guaranteed life insurance protection for your family or your favorite charity, single-premium life insurance can be an ideal solution.

However you choose to use a single-premium life insurance policy, remember to consider your personal financial situation.  You also want to think about other retirement vehicles already in use.   This way you can select and shape your policy to best match your needs.

Always Care Dental Insurance

Crowe and Associates is now able to offer  Always Care Dental Insurance and vision coverage. Always Csre offers clients several different levels of coverage as well as one of the nation’s largest provider networks.

The Cleaning Plus Vision plan helps cover the cost of dental exams and cleanings. It also covers annual vision exams and material allowances for each person covered by the plan. Click here for an overview of the Cleaning Plus Vision Plan.

The Preventive/Basic plan gives individuals immediate access to all covered services with no waiting periods and $1,000 annual maximum for each person covered. Click here for an overview of the Preventative Basic Plan.

The new Increasing Max plan rewards individuals with an increasing annual maximum benefit as well as no increase in premium. There are no application fees as well as no administrative fees. Click here for an overview of the Increasing Max plan.

The Ultimate Max plan gives you a $2,000 annual maximum for each person covered by your plan.  Additionally, there are no application fees and no administrative fees. Click here for an overview of the Ultimate Max plan.. (Currently not available in Connecticut)

Click here for a no obligation quote.  In addition to dental insurance, we are able to quote and write medical, life, auto, home, commercial  and annuity policies.   To discuss your individual needs in detail, please call the office at 203-796-5403 or email us at admin@croweandassociates.com.