Long time, First time

I've been in this business for almost 4 decades, and pretty sure just sold my first Juvenile SPWL plan.And so…?Well, SPWL stands for Single Premium Whole Life, and it's a way to (inexpensively) pre-pay a life insurance plan. Now, it's not for everyone (no product is), but in the right circumstances, it can be most useful.As in this case.I recall (vaguely) from Insurance 101 that parents buying their grandkids life insurance is a great idea (again often, not always) and I've had a few clients do that. But they were (as far as I can recall), of the "pay-as-you-go" variety. In this case, Gramps paid a little less than $1,900 and his new grandbaby is insured for $25,000 for the rest of his life. And, as FoIB Jeff M points out, who knows, this may turn put to be the only plan the little guy will ever be able to buy.So, what's the advantage of a Single Pay plan? Well for starters, Junior there will never have to pay any premiums. Plus, it's…

Read more detail on Recent Insurance Law posts –

This entry was posted in Insurance and tagged , , . Bookmark the permalink.

Leave a Reply