Single Premium Life Insurance

If you have the money to make a large single payment for an insurance policy then a single premium policy may be the insurance for you. Single premium whole life sometimes known as paid up insurance provides a death benefit to your beneficiaries immediately. This benefit is based on the sum of the upfront premium paid. Though many people cannot afford the large upfront payment, but a single premium policy can also offer some attractive features during the policy holders lifetime.

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How does a single premium whole life insurance policy work?

  • The policy holder pays a single premium to an insurance company which guarantees a sizeable benefit immediately.

  • The policy holder may opt for one of two popular options either single premium whole life or single premium variable life.

  • The whole life offers a fixed interest rate on the policyholders investment while the variable invests the cash value in managed investments that have a greater risk factor but also have a greater potential for increased returns.

  • All of the factors in terms of insurability like health, age, gender apply. A policy can be written to offer benefits like withdrawal of funds for long term care and other uses , the amount of which is determined as a fixed percentage of the policy’s value.

*This rates should not be considered to be, a recommendation of life insurance products of a particular insurer. Any rates listed above are for illustrative purposes only.

Benefits of a single premium policy?

  • One single premium payment

  • Guaranteed cash value is generally tax deferred which can be accessed during the policyholders lifetime.

  • Dividend earning which can be payable as cash or additional paid up insurance

  • Death benefit may be tax free

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The Right choice?

There are several factors which can dictate if this is the insurance product that meets your needs and a good place to start is with an agent/financial advisor and single premium life insurance quote available on this site.

  • Remember that your financial stability must not be compromised by the large single payment that this type of single premium life insurance policy requires.

  • A single premium whole life policy is better to maximize cash value and provide the ability to take cash after 59 ½ with no tax penalty. Money that you can use for medical care or long term care if that is needed.

  • One thing you must decide is whether you wish to purchase a policy that is a fixed or variable product recognizing the risk of the latter. With a fixed product your return on the initial investment accrues at a fixed rate which will not decrease over the policy’s life. If you choose the variable investment it is nmanged like an investment portfolio and can bring greater returns but also sustaiin losses so it is a riskier venture.


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