Single Premium Life Insurance (SPL) is a type of life insurance policy that requires a one-time lump sum payment instead of recurring monthly, quarterly, or annual premiums. Once paid, the policy is in force, providing coverage and financial security for your loved ones.

A portion of the lump sum is invested by the insurance company, allowing it to grow over time. Upon your passing, your beneficiaries can claim the death benefit, ensuring financial stability for those you leave behind.

Several factors impact the cost of an SPL policy, include:

• Age
• Gender
• Death Benefit Amount
• Health & Lifestyle
• Risk Factors (e.g., smoking)
• Policy Type

• The death benefit amount depends on the lump sum size and your health. Younger, healthier policyholders typically receive a higher death benefit, as insurers have more time to invest the premium.

For example, Illinois Mutual Life Insurance Co. estimates that a $60,000 SPL payment would provide a $121,032 guaranteed death benefit for a 58-year-old woman. Younger buyers may receive an even higher payout due to the longer investment period.

Strategic Estate Planning – SPL ensures guaranteed financial stability, making it a smart addition to estate strategies.

Simplified Wealth Transfer – A tax-efficient way to pass financial security to loved ones without complications.