What Is Reduced Paid Up Whole Life Insurance?

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   Peggy Mace

   Most of the U.S.

   Reduced paid up whole life insurance is a policy for which the policy owner no longer wanted to pay premiums, but did not want to lose the death benefit. Rather than surrender the policy, or take the cash value, the policy owner decided to turn the policy into a reduced paid up whole life insurance policy. It has a lower death benefit than the original face amount of the policy, but requires no more premium payments and will pay out the stated, reduced benefit when death occurs.

   Answered on August 16, 2014

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