Searching for the Perfect Single Premium Life Insurance

When it comes to timing payments, there is a marked difference between an ordinary life insurance policy and a single premium life insurance policy. With the first one, the policy holder is required to make premium payments on a regular basis - it could be monthly, quarterly, or yearly depending on the payment schedule you choose. As for the second type, providers like Puritan Financial Group would only require you to make premium payment in one lump sum. There's no need for a payment schedule and providers like Puritan Financial Group could make this possible for individuals who prefer a one-time full payment instead of a series of scheduled payments.

Whole Life vs Universal Life

Investors will have to decide which among the single premium life insurance types will be the best option.

*The whole life policy features a death benefit that has been pre-determined by companies like Puritan Financial Group. This is set at the time of policy application and is computed on the basis of the premium amount and the expected lifespan of the policy applicant. The value of the policy grows steadily over time.

*Variable and Universal Life Insurance: These policies have different death benefits because the growth of the policy's value depends on a market, security, or market index. Single-premium life insurance of this sort can generate a considerably larger death benefit, although there is the chance that the value may decrease once it is set to pay out.

Beginning the Search

1) The first step is to shop around with Puritan Financial Group and a few other providers. State and federal laws have made single premium life insurance fairly consistent from one provider to the next, so the primary concern should be the cost. When shopping around you should be sure to include your vehicle or homeowner's insurance provider, as these companies may offer you a considerable discount for having multiple policies with them.

2) Study the benefits and costs of your prospective single-premium life insurance plan and compare it with other investments. Fees such as processing charges or commissions may make a mutual fund or money market account better than some life insurance policies.

3) Obtain the funds you will use for purchasing the policy. If you are sourcing funds from sale or disposal of assets this may take a while so better inform Puritan Financial Group or other providers about it.

4) Start getting into shape and stop smoking. This should be done in advance. Also, include improving your regular diet, exercising regularly and lowering your cholesterol level. Doing this before you apply for single premium life insurance can greatly improve the results of your physical and lead to a much lower policy rate. In order to qualify as a "non-smoker" most insurance companies like Puritan Financial Group will require you to have been smoke-free for at least six months.

Last Points to Consider

Be sure to have a terminal illness rider added to your single premium life insurance policy. If you are ever diagnosed as having a terminal illness, this would allow you to access money that can improve the quality of your remaining time.

Read your contracts and agreements with providers like Puritan Financial Group and monitor policy obligations (if any). Keep these documents in a safe place.

As a last note on what to avoid when securing a single premium life insurance policy, never take out a loan to pay for it. That would defeat the whole purpose, as the growing value of your policy would lag behind your loan's interest rate.

Puritan Financial Group is a leading provider of life insurance based in Dallas, TX. Find out more about Puritan Financial Group please continue reading!