The paid-up life insurance is a life insurance policy that is paid in full. The policy remains that way, and the insured will not need to pay any further premiums.
How does the paid up policy works?
The paid up policy will remain same till the insured’s death or the insured terminate the policy.
psid up life insurance works in two ways
Pay Premiums In Set Schedule
Whole life insurance policies come with a schedule of required premiums. The policy becomes paid-up once the policy owner satisfies the premium payments necessary for paid-up status.
Reduced Paid-Up
The policy becomes paid-up when the insured or the policy owner decides to move to decrease the paid-up feature of their whole life policy before getting to the end of the premium paying period. The insured at this point can choose the paid-up status with a lower death benefit. Once the policy is paid-up, it’s certain to be in effect for the rest of the policyholder life.
How does the paid up policy works?
The paid up policy will remain same till the insured’s death or the insured terminate the policy.
psid up life insurance works in two ways
Pay Premiums In Set Schedule
Whole life insurance policies come with a schedule of required premiums. The policy becomes paid-up once the policy owner satisfies the premium payments necessary for paid-up status.
Reduced Paid-Up
The policy becomes paid-up when the insured or the policy owner decides to move to decrease the paid-up feature of their whole life policy before getting to the end of the premium paying period. The insured at this point can choose the paid-up status with a lower death benefit. Once the policy is paid-up, it’s certain to be in effect for the rest of the policyholder life.