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.
A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.
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.
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.
When a policy has attained paid up value, it will definitely guarantee coverage as prescribed in the policy bond paper.
I have a paid up life insurance policy. How do I find info on the policy.
there are only two ways for a policy to become "paid up" 1. it is a policy that is specificaly designed to be paid up by a certain age or date. you can infer this from the name of the policy, they are usually refered to as a "paid up at 65" or "paid up at 100" or "10 year pay" or "20 year pay" etc. Usually these automaticaly become paid up at the specified date or year and you can not contribute money to them after this point, but they of course stay in force beyond this point. 2. After a policy has been in force for a while you might get a letter or phone call saying that it can be paid up. This is a decision that you make, not the company, they just make the offer. If you are being forced to have it paid up it is most likely a policy that is designed to do so at this point. Or it is a company that has gone under and is being acquired by a new company, then the new company can make you take a paid up policy depending on the rules of the takeover.
Usually the paid up certificate has the policy details on it and therefore the insurance company will be able to search their records to find the policy. If there is no policy details on the certificate it is still worth contacting the insurer as surely the certificate will have some sort of reference the insurer can use to locate the policy
The paid up value of your life insurance is the point at which no further premiums have to be paid. It can occur either by paying all of the premiums in a lump sum or by paying all of the premiums due in instalments. The precise value of a paid up policy is a fanction of the face amount of the policy, less policy loans or accrued earnings, if applicable.
Go to the branch office of the Insurance Company. Ask for a Status Report citing the paid up policy number and you will be able to ascertain the present status of the policy.
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.