Mutual of Omaha has introduced a Single Premium Life insurance product designed to protect estates from taxes while offering clients access to funds in emergencies.

The company says its new product provides an immediate means to boost the size of an estate because the policy is immediately fully funded from the lump-sum premium payment. At the same time, it offers tax-deferred growth, an efficient means to pass wealth to heirs tax-free through the death benefit, and a source for funds in the case of a serious illness.

The Single Premium Life policy includes an accelerated death benefit for terminal and chronic illnesses and a liquidity rider so policyholders can take money out at no charge if needed for certain circumstances. The insurer offers the riders at no extra charge.