The phrase "premium outlay" refers to the amount of money that needs to be paid upfront in order to obtain a higher-quality or more expensive item or service. Full definition
This method permits a financially able person (say, a favored employee) to obtain substantial amounts of needed life insurance with a very low premium outlay on his or her part. (lifeinsure.com)
Using the existing cash value, you may even be able to fully fund the new policy without any additional premium outlay on your part. (chooseterm.com)
A relatively conservative trader may opt for a narrow spread where the call strike prices are not very far apart, as this will have the effect of minimizing the net premium outlay while also restricting gains on the trade to a small amount. (investopedia.com)