For decades, the SNF has been offering a Single Premium Whole Life policy to its members. In fact, it is the most popular policy for our youngest members (newborns – teens). It offers a cost effective manner to be a member of our Fraternal Benevolent Society, provides steady growth on the premium dollars over time, and offers coverage for the insured (so long as the policy stays in-force).
However, this policy has been increasing in popularity among older retired folks. Given the current interest rate environment, the internal guaranteed growth of the premium has proven attractive. Additionally, any funds invested in this product will pass along to beneficiaries Federal Income Tax-free and will not be probated (unless directed).
Moreover, the SNF has been offering options to invest or pay for this type of policy. We allow those interested in our Single Premium Whole Life Policy (SPWL) to pay over two (2) or three (3) years. I recently quoted a policy for a newborn, at the request of the Djedo, and here are the options of that policy:
|$5,000||$542.15 - One-time payment|
|$10,000||$840.10 - One-time payment|
|$25,000||$1,989.50 - One-time payment|
Calculations for our 2-year and 3-year payment plan for each of the above. The percentages are based on the quotes above.
2-year plan - 60% due in the beginning of the 1st year; 40% due at the beginning of year 2.
|$5,000||1st year = $325.29, 2nd year = $216.86|
|$10,000||1st year = $504.06, 2nd year = $336.04|
|$25,000||1st year = $1,193.70, 2nd year = $795.80|
3-year plan - 40% due in the beginning of the 1st year; 30% due at the beginning of year 2; 30% due in the beginning of year 3.
|$5,000||1st year = $216.86, 2nd year = $162.65, 3rd year = $162.64|
|$10,000||1st year = $336.04, 2nd year = $252.03, 3rd year = $252.03|
|$25,000||1st year = $795.80, 2nd year = $596.85, 3rd year = $596.85|
As you can see, the SNF offers affordable membership options for our youngest members. REMINDER: For any newborns, we will need the doctor's name/address and the date of the most recent well-baby visit, the Social Security number, and potential contingent owner info (pretty important if the owner is someone other than the parent/caregiver).
And, for you members (and those of you thinking of being a member but thought you might be too old), this is the perfect investment vehicle. Recently, I was explaining this concept to a client of mine. She was 83 and in relatively good health (only 2 medications) (by the way, we can underwrite most people – we have as many as eight  levels of underwriting). She told me she had too much in her checking account and needed to find something to do with it. I asked her “if something happened to you, what would you want it (the money) to do?” She said, “Leave it to my family.” I then asked her if she had heard of the Single Premium Whole Life policy. She said no.
I ran an illustration for her and by depositing $15,000 in cash into our SPWL she immediately got $19,000 of insurance and if an emergency arose, she would have access to the cash value of her policy, too. She couldn’t be any happier with this policy. Guess what? - She was not Serbian. She only saw this policy as a sound investment with sound benefits for herself and her family.
So, if you are sitting on a CD, wanting to take some profits from the market and place it in a secure product (with benefits), or some money you are saving for final expenses or thinking of leaving to someone - think again. Think of getting more bang for your buck with the SNF.
Feel free to contact me or any of our staff at the Home Office for details on the Single Premium Whole Life policy.
P.S. We are able to help you divest from the volatility of the markets (stock and/or bond). Our fixed rate Annuities will keep you on a steady path to preserving your principal and, ultimately, giving you peace-of-mind.