Single Premium refers to a type of insurance policy where the entire cost of the coverage is paid in one lump sum at the beginning of the policy term. This means that all the charges, including the initial payment and any other fees or taxes, are paid upfront when purchasing the policy. In contrast, some policies may require regular premium payments over time. The phrase "single premium" is commonly used in reference to life insurance, annuities, and long-term care insurance, among others.