Yes, if there is a cash value in the policy is can be surrendered for that cash. BUT, it is paid up. Why would you cash it in ? It does not cost you anything from this point going forward to be morally responsible. Perhaps a policy loan may be the option.
A taxable consequence may occur if the cash surrender value exceeds the cost basis (i.e. the premiums paid into the policy).
Whole life insurance policies, unlike term insurance policies, accumulate cash value, like a savings account, as you pay your premiums, so that even if you cancel such a policy before it is fully paid up, it still has some value that can be cashed in.
The paid up life would have it's extra cash value too, so if you cashed it in for the cash value, there would be no more paid up life either.
A life insurance policy becomes paid up when all premiums as defined in the policy bond have been paid in full.A life insurance policy ought to be paid up before maturity for smooth disposal of maturity amount to the policy holder or its nominee. Premiums for a life insurance policy should be paid up for a minimum period of 3 years to attract surrender value.
If you are talking about Life Insurance, Paid Up, means the Life Insurance no longer needs Premiums paid as it is all paid up to sustane the policy for the duration chosen.
A taxable consequence may occur if the cash surrender value exceeds the cost basis (i.e. the premiums paid into the policy).
A paid up insurance policy is a life insurance policy under which all life insurance premiums have already been paid, with no further premium payments due on the policy.
Whole life insurance policies, unlike term insurance policies, accumulate cash value, like a savings account, as you pay your premiums, so that even if you cancel such a policy before it is fully paid up, it still has some value that can be cashed in.
The paid up life would have it's extra cash value too, so if you cashed it in for the cash value, there would be no more paid up life either.
A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.
A life insurance policy becomes paid up when all premiums as defined in the policy bond have been paid in full.A life insurance policy ought to be paid up before maturity for smooth disposal of maturity amount to the policy holder or its nominee. Premiums for a life insurance policy should be paid up for a minimum period of 3 years to attract surrender value.
If you are talking about Life Insurance, Paid Up, means the Life Insurance no longer needs Premiums paid as it is all paid up to sustane the policy for the duration chosen.
I have a paid up life insurance policy. How do I find info on the policy.
"Paid up" is actually the terminology used in the insurance industry when describing a policy that no longer requires any premiums. When a policy is "paid up", there are no further premiums required for the policy to continue on for what should be lifetime. This can only occur with permanent forms of Life insurance such as Whole Life, Universal Life and Variable Universal Life.
You can cash it in.
no it is not
Virtually no insurance company offers a loan against a paid up policy - they thoughts are if you cant keep premiums up then you wont be able to keep loan payments up.