Final answer:
The main advantage of a single premium whole-life policy is that only one payment is due, offering convenience and immediate coverage. The policy might also accumulate a cash value that can be utilized by the policyholder.
Step-by-step explanation:
The main advantage of a single premium whole-life policy that Randy decided on is that only one payment is due. This is convenient for those who prefer to handle their insurance expenses upfront rather than making continuous payments. Moreover, a single premium policy usually provides coverage immediately upon the payment of the premium. It is important to note that such policies can also have a cash value that accumulates over time and can be used by the policyholder if needed. However, whether the total premium is lower would depend on the specific terms and calculations of the insurance company and is not intrinsic to the nature of the single premium policy itself.