A Simplified SPL Example

People don't buy life insurance because they are going to die, but because someone they love will continue to live. It's about providing peace of mind and financial security for their family in the face of uncertainty. Life insurance ensures that their loved ones can maintain their standard of living, cover expenses, and achieve future goals even after they're gone. It’s a selfless act of love and foresight, safeguarding the well-being of those who matter most.

But now, there are additional reasons people are buying life insurance. It can also be because they might get sick or because they might have a chronic illness. Or maybe they know they'll soon have the inability to perform 2 of the 6 activities of daily living. But why would they buy life insurance for these? People are buying life insurance because the death benefit can be accelerated. In other words, you don't have to die to collect the payouts.

Here’s a basic, simplified example: A 62 year old female who places $100K in a Single Premium Life policy would have a death benefit of around $200k. Because she loves her heirs, she doesn't want to be a burden in the event of a chronic illness. For her, this is such a great product! Plus, some have return of premium. And if the insured doesn’t get sick, beneficiaries could get $200 tax-free instead of $100k that could be subject to taxation. And finally, another plus, there are continuous pay products for those that don’t want to do a single premium.

Watch Our SPL Sales Tip Video For Additional Information:

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Until next time… good selling!
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Raymond J. Ohlson
Founder & Retired CEO
Ohlson Group
​1-877-844-0900