Is Single Premium Whole Life Insurance a Good Idea for Somebody who has no Need for Life Insurance?

Probably not. A single premium policy does provide a death benefit, which means the client is paying mortality charges. If the client does not need or want life insurance protection, a single premium deferred annuity can provide similar tax-sheltered cash buildup benefits without the mortality charges.

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Reproduced with permission.  Copyright The National Underwriter Co. Division of ALM

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