Product Resources > Single Pay Life
Single Pay Life
Many different names, same concept
Single pay life insurance is a type of life insurance policy that requires the policyholder to pay the premium in a single lump-sum payment upfront, rather than paying it in installments over time. This type of policy is usually chosen by individuals who want to ensure that their beneficiaries receive a guaranteed death benefit upon their passing, without having to worry about making periodic premium payments.
It can be an ideal choice for those who have a large sum of money available and want to use it to provide financial security for their loved ones. Additionally, single pay life insurance may also be beneficial for individuals who are concerned about estate taxes, as the policy’s death benefit is usually paid out tax-free.
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