Single Payment insurance
With Single Payment insurance, you purchase a Whole Life policy with just one up-front payment, and protection lasts the rest of your life. The amount of protection you purchase is based on your age, general health and gender, but will always be a larger amount than the original payment - often by a factor of 50% or more.
The resulting value on death passes to your beneficiaries tax-free (under current tax legislation), and is therefore a good match for people who want to transfer wealth.
The disadvantage of these polcies is that there is a typically a fee in the early years should you wish to cash in your policy.
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