What Is Paid Up Whole Life Insurance? 
Paid-up whole life insurance is a structure established under a whole life policy where you only pay premiums for a certain amount of years or to a specified age where premiums no longer need to be paid to guarantee the coverage . Once this point is met , the coverage is guaranteed to pay proceeds upon a claim on the policy when death of the insured person occurs . Please note , the shorter the amount of time for the policy to be paid up , the higher the required premiums . The longer the amount of time for the policy to be paid up , the lower the required premiums . Please be sure that the need for whole life coverage is present as whole life almost always the most expensive type of coverage on the market . If you 're buying for purely for death benefit needs , you may want to consider a guaranteed universal life policy -LRB- GUL -RRB- to keep your premium costs down and maximize your death benefit amount . I hope the information is helpful - please feel free to contact me for help with your coverage and if you have any other questions . Thanks very much . 