It's life insurance for which you make only one premium payment.
How does single premium whole life insurance work?
You pay one initial premium to start your life insurance policy and you have lifetime permanent life insurance protection with no more premium to pay.
With single premium whole life insurance there is usually no medical exam required, but there may be some health questions for you to answer.
These plans may build up cash value over time from which you may be able to take a loan, if needed.
Some single premium whole life insurance policies may provided an accelerated death benefit which means you may having living benefits in case you become terminally ill.
The death benefit from your life insurance policy will go to the beneficiary of your choice.
Basically, you pay one premium one time and your beneficiary receives a higher amount of life insurance (upon your death) than the one time payment you made to start the life insurance policy.
Single premium whole life insurance policies may have a minimum premium of $10,000 or more.
In addition, some single premium whole life insurance policies have age restrictions, for instance, people age 40 to 80 may qualify for the life insurance coverage.