A fully paid up life insurance policy means that no premiums are necessary to keep the policy in force.
Depending on how the policy was built, the paid up status may be sometime in the future because you are paying more premium initially. Or the paid up status could be immediate.
Whole Life Insurance often times has a paid option during the premium paying years. You might see on an illustration a paid up column meaning that is the death benefit you can get if you stop paying premium at that time.
A fully paid up life insurance policy is one in which the premiums are paid up, or paid in full. At that point, the insurance company is liable for paying the death benefit, and you do not need to pay any more premiums to keep the policy in effect.
Licensed Life Agent, Life and Finance/ 50 States, New York
A fully paid up life insurance policy is simply the full amount of the. policy paid up contrary to monthly payments through the years of policy. If someone wanted a 500,000 policy and calculating the rates which rely on age and rating, the pay a one time payment maybe 150,000, but, again depending on age, and rating. No more premiums are payed.
For this I specialize in modified endowment policies but not exactly the average endowments. The policy is a secure policy aimed to preserve wealth and save on taxes.
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Depending on how the policy was built, the paid up status may be sometime in the future because you are paying more premium initially. Or the paid up status could be immediate.
Whole Life Insurance often times has a paid option during the premium paying years. You might see on an illustration a paid up column meaning that is the death benefit you can get if you stop paying premium at that time.
For this I specialize in modified endowment policies but not exactly the average endowments. The policy is a secure policy aimed to preserve wealth and save on taxes.