An insurance contract requiring one payment which earns a current rate of interest usually guaranteed for one year at a time. It has a guaranteed death benefit significantly higher than the single premium payment made by the insured/owner.

This type of policy requires the payment of one initial lump-sum, up-front premium which often guarantees the policy is paid-in-full throughout the entire span of the policy holder's lifetime. Beware. Yet, often very misleading, these policies sometimes do not come with a guarantee that future payments will never be required, a fact over which the agent may quickly gloss.

A life insurance plan that requires only one premium and is guaranteed to remain paid-up throughout the insured's lifetime.