Single–premium life (SPL) is a type of insurance in which a lump sum of money is paid into the policy in return for a guaranteed death benefit. This policy saves thousands of dollars on final expenses. Purchasing this type of insurance means paying the full premium, to get the policy amount for funeral expenses.
The premium amount varies based on age and smoking status.
Below are examples for non-smokers:
| WHO: How much Funeral Expense | $15,000 | $10,000 |
| 55 year old male nonsmoker: | $7,217.65 | $4,820.10 |
| 55 year old female nonsmoker: | $6,713.50 | $4,484.00 |
| 65 year old male nonsmoker: | $9,300.85 | $6,208.90 |
| 65 year old female nonsmoker: | $8,778.25 | $5,860.50 |
| 75 year old male nonsmoker: | $11,605.95 | $7,746.30 |
| 75 year old female nonsmoker: | $11,042.20 | $7,369.80 |
| 80 year old male nonsmoker: | $12,619.45 | $8,421.30 |
| 80 year old female nonsmoker | $12,191.80 | $8,136.20 |
Single Pay Premium Life Insurance Policies are the most solid and affordable means to pay for final expenses, and they offer the greatest return on the funding of a burial trust.
You can acquire the appropriate amount of insurance for a premium price that is often far less than 60% of a funeral funded with cash. For instance, a 65-year-old female can purchase a $15,000.00 policy for only $7,875.
Download a Final Expense Estimate.
You can also reach out to Funeral Home, to get a more precise idea of the expenses.
Benefits from the life insurance policy are paid tax free
Your family will never pay any income or inheritance taxes on the proceeds. This greatly reduces the ultimate cost of the funeral and other final expenses. As any life insurance policy from Providence Association, the insurance money is guaranteed, offering peace of mind, security and no hassles associated with administering the trust through renewals, rate selections, notices and trips to the bank.