Single Premium Life Insurance
What is single premium life insurance?
Single premium life insurance is a variety of whole life insurance which is entirely paid up from the beginning of the policy. You pay one premium and never make any more payments.
The death benefit of your policy is higher than the premium you pay, so in essence, this policy operates a bit like a loan: the insurance company pays you a greater sum later in exchange for the use of your money now.
Who should buy single-premium life insurance?
Anyone may apply for single-premium whole life insurance. However, most purchasers are already of an advanced age. Most of them buy this insurance with the intent to make a charitable donation upon its discharge.
*Rare
Single-premium life insurance is scarcely heard of and may not be offered by any carrier on the market today.
