Other contributors have said "Paid-Up Policy Term Insurance?" is the same question as "What is a paid up insurance policy?" If you believe that these are not asking the same thing and should be answered differently, click here
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.
The policy is free of any further premiums however you may lose bonuses (in particular yearly reversionary bonuses) and the sum assured will be reduced causing you to receive a lower pay out.
As...
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...
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...
"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...
When a policy is taken out, it is taken out with an agreed sum assured. If you allow your policy to lapse due to the stopping of premium payments then the sum assured is reduced to give you a lower...