Yes, AAFMAA offers a single premium payment option upon approval and that lump sum becomes the base of your cash value. Your death benefit and cash value will keep growing over the years. However, we don’t recommend this option if you intend to borrow money from the cash value in the future because you will have to pay taxes and, if you are under the age of 59½ when you borrow, you will also have to pay a 10% penalty to the IRS.