As the name suggests, single premium
whole life insurance is permanent life insurance that is purchased with one single payment, rather than through a series of premium payments over time.
For example, if the single premium
paid was P100,000 (which means the face amount is P125,000 or 125 percent of the single premium
paid) and by the time the person died, the account value is P110,000, the person will receive P125,000 as death benefit.
First of all, while a single premium
life may be right for wealth transfer, it's not the only answer.
* Loyalty addition up to 7% of single premium
at the end of fifth year
According to the new rules, all limited premium Ulips, other than single premium
products shall have a premium- paying term of at least five years.
policies that the customer pays as a one-time lump sum continued to drop as well.
cover - which is added to a loan at the start of the deal, rolling up interest throughout the repayment period - will be banned altogether.
A single premium
covers any number of round trips during the year, up to a maximum of 31 days per trip.
Investigators have already netted EUR422million from the first 5,000 cases as they check up on people who took out single premium
'I have seen the misery which single premium
payment protection policies on mortgages and loans can cause', says Simon Burgess of Britishinsurance.com, an independent broker.
Zurich Life Insurance Company of Canada, the object of the deal, provides individual life insurance, asset management and single premium