I want a life insurance policy that covers me for life and i want to pay for it up front?

Question

Looking for all answers possible on the matter, Thank you.

Answer 1

You can pay up front for certain permanent policies, this is not an option that makes sense for everyone. You can read more about single premium life here.

http://www.investopedia.com/articles/pf/...

For exmple a 50-year-old male's $100,000 single premium might give a $400,000 death benefit.

You may want to consider visiting a financial planner before you commit that much money to a life policy.

Answer 2

Your best option might well be a single-premium life insurance policy. As the name suggests, the premium is paid upfront in a lump sum. The policy covers you until death. The death benefit can be two or more times the amount of the single premium and is exempt from estate taxes. It’s a great way to pass on wealth. Some single-premium policies can include a provision to pay for certain kinds of medical care, such as nursing home care or hospice care. In this sense, the policy functions as a kind of long term care insurance. Any money remaining in the death benefit at the time of the policyholder’s death is passed on to the beneficiary.

Answer 3

Covers you for what? Will someone experience financial hardship if you die? If not, you don't need life insurance. Don't waste your money. You could invest the amount you'd spend on such a policy and come out way ahead in the long run. Unless you are just trying to fatten the wallet of an insurance agent, or want to make insurance companies richer, just a get a term life insurance policy, and ONLY if you need it.

Here is a good article on determining if you need a life insurance policy:

http://lifeinsurancenow.com/how-to-buy-l...

And it you need a quote, here is one of the best sources to get a quote from:

https://www.expert-quotes.net/term_life_...

Good luck getting the correct answer from a life insurance agent. You are their wet dream. :)

Answer 4

There are a lot of different options available.  Depending on what other goals you might have.  It's probably best to work with a fee-only financial planner (strategic planning) and a life insurance specialist (tactical planning).  For instance, owning the policy in your name increases the size of your estate (if you have or will have an estate problem), but gifting the premium to an irrevocable trust might be subject to estate tax.  

Feel free to contact me.

Good luck.

Answer 5

Your question is not likely to be answered in one word.find useful tips here though.http://lifeinsurance.online-helpers.info...