Financial security is an important aspect in every senior’s life. The need for that security extends to providing for dependents in case of death. There are many life insurance products designed for seniors to maximize the opportunity to protect these dependents.

One type of life insurance that is worth consideration is single premium life (SPL) insurance. The main difference between a typical life insurance and SPL is the amount of benefit that the dependents or survivors will receive is variable based upon the amount invested, and how long the policy grows before settling.

Singe premium life requires a single payment and that amount will accumulate until the policy owner’s death. The longer you live, the higher the benefits will be. Another interesting option of Single Premium Life is that it has cash value and the insured has the option to surrender it to enjoy while the policy owner is still living. Single Premium Life can provide protection against Long Term Care costs. What’s more, the benefits are income tax free.

Some Single Premium plans will even allow you to withdraw part of the death benefit if you are diagnosed with a terminal illness, and the life expectancy is less than a year.

Single Premium Life is a very flexible choice when considering life insurance for seniors. If you would like more information on single premium life or other insurance products designed for the senior community, please contact Puritan Life today.