With most life insurance you have to make monthly payments for as long as you hold the policy. This can be a hassle for many different reasons, whether you are writing a check each month and mailing it, or even if you have a direct payment method. You run the danger of missing a payment or two and then having your policy be declared null and void. With a life insurance single premium policy these worries and stresses are removed. You just make one payment and you are covered for the rest of your life.
This type of policy is popular with grandparents who wish to provide security for their grandchildren. It can be purchased at any age, as long as the policy holder is 85 years of age or younger. The policy also awards money to beneficiaries free of tax liability. It can provide cash dividends to policy holders and can be used as collateral for many types of loans.
A life insurance single premium policy provides one premium for life up to a $4 million face value. It offers a high degree of flexibility when it comes to securing the future of family members and other beneficiaries. After a single payment is made, you can relax and know that your loved ones have permanent protection in place.