JOINT SINGLE PREMIUM WHOLE LIFE
Policy Form # SPJL2014.*see information below for available states and correct application forms.
This is a Single Premium life insurance plan purchased by a couple and insures two lives. The death benefit is paid to the named beneficiary upon the surviving insured’s death. The plan is primarily used for clients seeking wealth transfer to the next generation.
- Issue ages 50 through 95.
- Provides permanent protection for life.
- Minimum premium $50,000.
- Features one guaranteed premium.
- Guaranteed cash value accumulation.
- Participating plan. Dividends are scheduled to be paid annually after 2 years. Dividends are paid in cash or left on deposit to accumulate at interest. Dividends are not guaranteed.
- Permanent coverage for two lives in one policy-pays at the second death.
- Policy loans are available on accumulated cash value.
- Consumer-friendly; straight forward, responsibly priced.
- Can be used to pay estate taxes at the death of the surviving insured (spouse) in large estates over 5 million. Generally, the beneficiary is a child or trust.
* Life Insurance Applications Form # ICC16-LA16 in AL, AR, AZ, CO, GA, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, NC, NE, NM, NV, OH, OK, PA, SC, TN, TX, UT, VA, WI, WV, and WY. Form # LA14 in DE, MT, ND, and SD. Form # LA14-FL in FL.