What does Single Premium mean? Read on to discover the definition & meaning of the term Single Premium - to help you better understand the language used in insurance policies.
A single premium is a one-time payment for an insurance policy. It is an alternative to spreading out insurance payments in intervals. Insurance money from a single premium policy is paid to the insured right after the maturity of the policy or to the beneficiary as a death benefit without having to make any more payments on the policy prior to these events.
We hope the you have a better understanding of the meaning of Single Premium.