Single Premium Life Insurance
A type of permanent life insurance policy that is purchased with a single, large upfront payment. No further premiums are required.
Detailed Explanation
This can be an attractive option for individuals with a large sum of money who want lifelong coverage without ongoing premium payments.
Practical Example
Lisa received an inheritance and decided to purchase a single premium whole life insurance policy. She made one large payment upfront, and the policy will provide coverage for the rest of her life.
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