#single-premium

Edward J. Wendol serves as owner and managing partner of Total Retirement Security Planning and Mentoring Group. As such, Edward J. Wendol provides clients with dedicated insurance and retirement planning solutions that take into consideration time frame and risk tolerance. Ed Wendol offers products such as single-premium life insurance as part of a wealth transfer program. As its name implies, this type of insurance involves the deposit of a single premium. A key advantage is that it creates a guaranteed, immediate death benefit. In most cases, the younger the policyholder, the higher the benefit, with the insured’s beneficiaries potentially receiving twice as much as the actual policy premium. For example, a 65-year-old woman who is healthy and does not have smoking as a risk factor could deposit $50,000 and have $100,000 distributed to recipients, tax free. The advantages of single-premium life insurance extend to the fact that the cash value of such a policy, when fully funded, can grow rapidly. Should unforeseen financial needs arise, the policy functions as an important fallback source of income.