What is a fully paid up policy?

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2008-11-16 22:04:47

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A fully paid policy is a limited pay whole life policy under which all premium payments have been made. For example, a 20 pay policy is completely paid for after 20 payments. No future premiums have to be made, and the policy remains in full force for the life of the insured.

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2008-11-16 22:04:47
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Related questions

When is your life insurance fully paid?

A life insurance policy becomes "fully paid up" when the company tells you no more premium payments are due.

Can a fully paid up life policy be surrendered?

theres a 50/50 chance

What is a paid up insurance 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.

How do you keep my policy as paid up?

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.

Does a paid up policy still guarantee coverage?

When a policy has attained paid up value, it will definitely guarantee coverage as prescribed in the policy bond paper.

How much is a fully paid up policy worth?

It is worth whatever the net surrender cash value is, which is cash value minus the surrender charge.

Does a paid up policy make interest when it has been paid up for years?


How do you convert partly paid up shares into fully paid up shares?

You have to pay the difference.

Why only fully paid up preference shares can be redeemed?

Only fully paid up preference shares are redeemed because the law requires it.

What is paid up contract in Insurance?

A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.

What happens to whole life policy if cancel before it is paid up?

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.

How do you find information on an existing policy?

I have a paid up life insurance policy. How do I find info on the policy.

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