Paid-Up Policy

Life insurance policy in which all premiums have been paid. Some policies require premium payments for a limited number of years, and if all premium payments have been made over those years, the policy is considered paid in full and requires no more premium payments. Such a policy remains in force until the insured person dies or cancels the policy.

Life insurance policy in which all premiums have been paid. Some policies require premium payments for a limited number of years, and if all premium payments have been made over those years, the policy is considered paid in full and requires no more premium payments. The policy remains in force until the Insured dies or cancels the policy.