One of the rarer objections we hear is, “I have money in the bank,” but did you know you can actually use life insurance companies to save money on your funeral planning while also being able to enjoy the wealth you’ve spent years accumulating? This wonderful tool is call a Single Premium Life Insurance Plan.
Single Premium Life Insurances Plans offer the insured a paid up insurance plan for a pre determined amount. For Example: a 59 year old male is preparing for retirement and finds that he will needs $16,823 for his funeral expenses. He has about $185,000 in the bank, but is contemplating whether or not to allocate the funds through insurance, or to allow the inheritance his family will receive to pay the funds. After talking to an agent, he finds that for only $11,379.09, an insurance company will give him a paid up policy for $16,823, saving him $5,443.91 on the costs that will be associated with his funeral. That’s $5443.91 that can be invested, enjoyed, or left to be passed directly to his family instead of going towards funeral arrangements.
This can work for a variety of uses and, depending on the amount, can even be placed into a FIA account to help the money grow for more wealth to get passed down to the family. So my question to you… How much money are you trying to save?