When most people consider life insurance policies, they look solely at the benefits for their heirs. Of course, that is incredibly important, but a single premium life insurance policy can also provide plenty of assistance throughout your life. After your one-time payment, your policy can give you access to helpful financial features.
First, an inclusive single premium life insurance policy gives you access to your cash throughout your life. You can use it to pay for big expenses like college or major medical bills if you need it. You can also use your single premium policy as collateral for a loan. These benefits can provide some financial security in hard times and keep your life on track.
This type of life insurance also keeps your insurable for life. You can add additional permanent life insurance to your policy at any time if your needs should change. Even if you get terminally ill, you can count on your life insurance plan for this.
Finally, you can collect dividends on your policy as it grows. In fact, you can use these payouts toward guaranteed interest, get them in cash payments, or even use the money to purchase more coverage on your policy.
With this type of plan, you can pay one lump sum and get life insurance and a whole lot of other benefits.