Project Description
What is a “single premium” Life (SPL) policy?
It’s a policy designed to act partially like an annuity and partially like a long-term care (LTC) policy. Most life insurance policies are funded for two reasons: 1) death benefit or 2) cash accumulation.
A SPL policy is funded partially for the death benefit, but it is also funded to provide significant “living” benefits(accelerated for LTC expenses and if the client has a critical and terminal illnesses).
Since nearly 70% of all Americans will need LTC at some point in their lives, it’s a given that everyone should have LTC insurance. We know traditional LTC insurance can be expensive, and an SPL policy can be a nice alternative for money that people would typically keep in a safe place such as CDs or money market accounts.
