The Single Premium Universal Life Plan*

Single Premium Universal Life (SPUL) is a universal life product with an initial single premium. Provided the initial single premium is paid and no loans, partial surrenders, or policy changes are made, the initial specified amount is guaranteed to remain in force for the life of the insured.

The Single Premium Universal life insurance plan can help consumers meet a variety of financial objectives. These objectives may include the traditional death benefit coverage, advanced estate planning, insuring a key employee, or a business continuation plan. Flexible components, tax-free death benefits, tax-favored policy distributions, and many other features make this plan an excellent choice for a variety of different needs. For tax issues, please check with your tax professional. 

Details of these policies are easily accessible and include an annual report to the owner. Annual reports illustrate the change in the value of the policy by showing the premiums paid, policy expenses and fees, mortality charges, partial surrenders and loans taken out, and interest credited to the policy.