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Paid-up Life Insurance. Only Make One Single Premium Payment.

While many people who purchase life insurance will pay their premiums on either an annual or a monthly basis, there are other options for premium payments – options that can not only alleviate you from paying for coverage long-term, but can also help you to build up cash in the policy much more quickly. This can be done via the single pay life insurance policy option also known as paid-up life insurance.

The only way to get a single pay life insurance quote is by getting a quote from an agent.  You can not get this type of quote online.  We have a custom quote form below – which will allow us to start gathering quotes on your behalf – to find you the best singe premium life policy available.  Then we will email the illustrations directly to you.

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What is Single Premium Life Insurance?

Single premium life insurance is defined as an insurance policy in which a lump sum is paid up front in order to guarantee a death benefit payment to the policy’s beneficiary (or beneficiaries).

As its name implies, single premium life insurance policies will only require one single premium in which to have the policy be paid-up – and because these plans are instantly fully funded, the cash that is invested is able to build up much more rapidly.

How Single Premium Life Insurance Works.

With a single premium life insurance policy, the amount of the death benefit will be dependent upon the amount of premium that is deposited, as well as the age, gender, health, and life expectancy of the insured.

Just like with other types of life insurance coverage, there are some single premium life insurance policies that also offer living benefits. These can provide policy holders with a way to access a percentage of the policy’s death benefits during life in order to pay for expenses such as a medical or long-term care need.

Types of Single Pay Life Insurance.

There are several different types of single premium policies. These include:

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Who are the best single premium life insurance carriers?

Finding the best single premium life insurance carrier will depend on many factors, such as age, health condition and many other factors evaluated during the underwriting process.

However, our calculator can compare 14 of the top single premium life carriers instantly. Which means we can find you the lowest rates possible.

Some of the carriers who are on our calculator are AIG, Nationwide, Sagicore, Pacific Life, American National, Principal, Prudential, North American, Protective, John Hanock, Banner Life, Mutual of Omaha and more.

Two of the best single premium carriers overall are Sagicore and American National. These two carriers are consistently among the lowest cost carriers in the county.

Some of the Pros and Cons of this type of policy.


  • The policy becomes a MEC (modified endowment contract)
  • Need large cash amount up front
  • Not a great use of leveraging cash
  • Cash value does not pay out in addition to the death benefit


  • You only have to make one premium payment and have coverage for life
  • Can add riders to the policy like LTC, DI, etc
  • Living benefits such as chronic and critical illness can be added to the policy
  • Can take policy loans against cash value if it’s a SPWL policy

Is this type of Life Insurance Policy Right for You?

Although single premium life insurance policies aren’t the right fit for everyone, they could be an ideal solution for some.

The best way to determine whether or not this is the right type of coverage for you is to decipher your coverage needs, as well as to determine the amount of cash you have available for investment into the plan.

Once you have done so, it is important to shop around for the best policy – and premium rate – for your specific needs and goals.

Finding the best quotes, however, isn’t necessarily found by going to captive insurance agents. There, you are locked into the policies, benefits, and prices of only one carrier.

Rather, by working with an independent agency like Local Life Agents, you can shop multiple insurers and compare a variety of different plans and prices, oftentimes saving you on comparable – or even more – coverage. So, when you’re ready to move forward, contact us.