Whole Life Insurance
What is a paid-up life insurance policy?
A paid-up life insurance policy is a whole life policy that no longer requires premium payments. The policy remains in force with full coverage for the rest of your life. A policy becomes paid-up when the cash value is sufficient to cover all future premiums, or when you have paid premiums for a specified number of years (limited pay whole life).
Key Points
- Paid-up policy: no more premium payments required
- Coverage remains in force for the rest of your life
- Policy becomes paid-up when cash value covers future premiums
- Limited pay whole life: paid-up after 10, 15, or 20 years
- An independent agent can help you understand paid-up options