Using single premium life insurance 

If you plan to leave some of your savings to loved ones or a charity, there may be a way to leverage your assets now to increase your legacy more tax-efficiently while still maintaining control of your assets. One of the options is utilizing a single premium life insurance policy, which provides flexibility in the design. 

Single premium life insurance is a type of permanent life insurance. Unlike term insurance, permanent life insurance intends to provide a death benefit to your loved ones no matter how long you live. Many types of permanent life insurance policies also accumulate cash while you are alive, which you can use to exchange policies or return money to you if you surrender the policy during your lifetime. 

Additionally, though the underwriting process for a single premium life insurance policy is not guaranteed issue, it is typically simplified issue, meaning that you have the potential to have no medical requirements during the underwriting process. Requests for exams/labs and/or interviews are less likely. Underwriting decisions are generally based on application questions and e-sourced client information.