Single premium life solutions are likely the right fit if you have wealth that you want to leave to family and do not need to live on the money in your Golden Years. A single life product is used to transfer wealth and is alluring because of its accelerated benefits and tax favorable treatment. Some even offer first-year bonuses.

These products are often viewed as an annuity alternative that come with a tax-free wealth transfer to your beneficiaries, as well as accelerated benefits for terminal illness, long-term care or home healthcare.