Single-premium life insurance

Single-premium life insurance

A whole life insurance policy requiring one premium payment, which accrues cash value much more quickly than a policy paid in installments.

Single-Premium Life Insurance

A life insurance policy purchased with a large, lump sum payment. Single-premium life insurance may take any number of forms: it may be structured as whole life or term life, or nearly any other kind of life insurance. What distinguishes it is the one-time payment at the purchase of the policy.
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For single-premium life insurance and annuities, the price of the product equals the time 0 liability value including the risk premium.
As a result, the hedge effectiveness of a level-premium life insurance product is higher than for single-premium life insurance products.
The restrictive underwriting policy used for single-premium life insurance in many markets continued to have an effect on total premium income.
Interest paid or accrued on indebtedness incurred to purchase or continue in effect a single-premium life insurance, endowment, or annuity contract purchased after March 1, 1954, is not deductible.
A single-premium life insurance contract is, by definition, a modified endowment contract (MEC).
This was mainly due to the rapid decline of single-premium life insurance products following changes to lock-in periods, which increased from 10 to 15 years.
To hedge that risk, the IRA owner may elect to take a taxable distribution of part of the IRA balance and use it to purchase a single-premium life insurance policy to be gifted immediately to the charity.
It is often combined with a single-premium life insurance or annuity
It bans the sale of single-premium life insurance, and seeks to control loan flipping by allowing refinancing within a year of origination only if doing so benefits the borrower.
There was a strong demand for single-premium life insurance as part of private old age pensions in Germany in 2010.
If he cashes it in and uses the proceeds to purchase a single-premium life insurance policy with a lifetime secondary guarantee death benefit, the policy could have a death benefit of about $240,000.
Our new single-premium life insurance product provides clients of American Express financial advisors with a powerful new way to transfer wealth income tax-free to their families," said Tim Bechtold, president of IDS Life Insurance Company.
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