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At Roth Agency, you provide your insurance expectations, and we will meet them. Insurance isn't something that should be glossed over, and we don't plan on doing that. We make a promise to you and your family to provide you with the kind of coverage and service you can rely on every day. Let's get the conversation started today!.
Do you want quick, reliable and quality coverage and service? Coming right up! Our agency has years of experience providing the right kind of coverage to our Hoosiers. We offer auto, renters, home, life, business and farm insurance policies. Let's talk about how we can get you a policy you can count on today. Contact us or request a free quote online to begin the process today at Roth Agency.
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Quick answer: Single Premium Whole Life Insurance is a life insurance policy purchased with one lump-sum payment. It provides a guaranteed death benefit from day one—with no additional premiums ever required. The policy also includes living benefits you can access during your lifetime, including cash value accumulation, a nursing home provision and a terminal illness benefit. Indiana Farm Bureau Insurance's policy provides a guaranteed minimum interest rate of 3%,with a current nonguaranteed rate of 4.5%—both calculated after mortality and policy administration expense.**
When most people think about life insurance, they think about monthly payments that continue for years. But there's another option that involves a single payment. With a single premium whole life policy, you make one lump-sum payment, and in return, you get a paid-up policy from day one, providing an immediate death benefit, along with cash value that grows over time and benefits you may access during your lifetime.
At Indiana Farm Bureau Insurance, our Single Premium Whole Life Insurance Policy, is often referred to as the Savings, Inheritance, and Living Benefits (SIL) Policy. It's designed for people who want their life insurance coverage to include options they can use both during their lifetime and beyond.
You make one premium payment. That single payment buys a fully paid-up whole life insurance policy that is guaranteed to never require another premium. From the date the policy is issued, you have an immediate guaranteed death benefit and a policy projected to grow over time.**
The following example is based on a 62-year-old standard non-tobacco male with a $50,000 single premium. Guaranteed values reflect the policy’s contractual guarantees; projected values are based on current nonguaranteed interest rate and policy expenses. Actual results will vary.
Insured: | 62-year-old standard non-tobacco male |
Single premium payment: | $50,000 |
Immediate guaranteed death benefit: | $80,926 |
Projected death benefit at age 83: | $111,157 |
Projected cash value at 15 years: | $74,350 |
Indiana Farm Bureau Insurance's Single Premium Whole Life Insurance policy provides a guaranteed 3% interest rate, with a current nonguaranteed rate of 4.5% — calculated after mortality and administration expenses.** Cash value accumulates on a tax-deferred basis, which means you don't pay income taxes on the accumulation unless you withdraw it.*
If you need income in the future, you may have the option to convert the cash value into a monthly income stream, supplementing your retirement income.* It's still your money.
The death benefit passes to your beneficiaries income tax-free. In the example above, a $50,000 Single Premium Whole Life Insurance Policy provides an immediate guaranteed death benefit of $80,926. Based on current nonguaranteed assumptions, that benefit is projected to grow over time—reaching a projected death benefit of $111,157 if the insured lives to age 83.** This creates a way to leave a meaningful inheritance with life insurance without ongoing payments or complicated investment strategies.
This is where Indiana Farm Bureau Insurance's policy stands apart. In addition to the death benefit, our policy includes several options to access your policy's value during your lifetime:
Cash Value Surrender: You may surrender the policy partially or fully and receive the cash value as a lump sum, or you may have the option to convert it to monthly income stream for a set number of years.*
Nursing Home Provision: If you require home health care, nursing home care, or assisted living care in the future, you may be able to access your policy's cash through the built-in Nursing Home Provision without a surrender penalty. Exercising this provision may cause some or all coverage to terminate.**
Terminal Illness Benefit: If the insured is diagnosed with a qualifying terminal illness, you have the option to receive nearly all of the death benefit while you are still alive and need it most. Accelerated death benefits paid due to a terminal illness are generally income tax-free.
This policy isn't for everyone. The following considerations may help you evaluate whether it aligns with your goals. We encourage you to speak with your Indiana Farm Bureau Insurance agent to learn more.
This policy may be a good fit if... |
You want to leave an income tax-free inheritance (via life insurance death benefit) to your loved ones |
You prefer guaranteed policy values and protection over higher-risk financial strategies |
You have a lump sum available and are looking for a life insurance policy that also builds cash value over time, with features beyond what a savings account or certificate of deposit (CD) provides |
You want the peace of mind to know that if life circumstances change, your policy includes options to access cash value |
You are at a stage in life where you want guaranteed life insurance protection without ongoing monthly premium payments |
This policy may NOT be the best fit if... |
You do not have a lump sum available to commit to a single premium payment |
You prefer higher-risk, higher-return financial strategies |
You need maximum death benefit coverage for the lowest possible cost—in that case, another type of policy may be worth exploring |
You anticipate needing frequent or penalty-free access to your funds in the near term without restriction If this policy is a Modified Endowment Contract (MEC), it may be subject to income tax on gain and a 10% penalty if you are under age 59 ½.* |
Interested in learning more?
Your local Indiana Farm Bureau Insurance agent can walk you through the numbers for your specific situation — including the guaranteed death benefit, guaranteed and nonguaranteed projected cash value, and living benefit options available under the policy.
It means you make one lump-sum payment to purchase the policy. No monthly, quarterly or annual payments are required afterward. The policy is fully paid up from day one.
The "cost" is the single premium you choose to pay, and determines the size of your death benefit, cash value, and living benefits. Your local Indiana Farm Bureau agent can show you what different premium amounts would provide based on your age and health status.
Yes. This policy includes several options to access policy values during your lifetime, subject to policy terms and conditions.
Cash value growth is tax-deferred, meaning taxes on any gain are generally not due unless you withdraw or surrender the policy for its cash value.
Indiana Farm Bureau Insurance's Single Premium Whole Life Insurance Policy provides a guaranteed minimum interest rate of 3%, with a current nonguaranteed rate of 4.5% —both calculated after mortality and administration expenses.** The current rate is subject to change, but the 3% minimum is guaranteed and is locked in for the life of the policy.
Unlike a CD, a single premium life policy provides a death benefit (often significantly more than the premium paid), tax-deferred growth, and living benefits like nursing home access and terminal illness provisions. A CD only provides interest on the deposited amount with no death benefit or living benefit features.
A single premium whole life insurance policy and a CD or savings account serve different purposes and have meaningfully different features. Some key differences include:
Feature | Single Premium Whole Life | CD / Savings Account |
Death benefit | Yes—immediate guaranteed death benefit | No |
Cash value | Tax-deferred; gain taxable upon distribution | Interest is generally taxable each year |
Living benefits | Nursing Home Provision; Terminal Illness Benefit | No |
Liquidity | Subject to policy provisions and tax treatment | Generally accessible; CD withdrawal penalties vary |
Principal protection | Guaranteed cash values per policy terms | FDIC insured up to applicable limits |
These products have different purposes, features, costs, and tax treatment. This comparison is a general summary only and may not reflect all factors or your specific circumstances.
Yes. You can surrender the policy at any time and receive the cash value, subject to policy terms and applicable tax treatment. If your circumstances change, you remain in control of your money.
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