When Should I Stop Paying For Life Insurance? 
How about today ? There are many creative ways to fund your life insurance policy . Lets suppose you have term insurance with 10 years left on the premium guarantee . You could , of course , just keep paying the premium for those 10 years . If the carrier doesnt get those 10 years of premium payments , you will lose the coverage . Is there any way you could stop paying but still retain the guarantee ? Yes , there is . You might be able to use a single premium immediate annuity to fund the policy . Make one payment into the annuity , and the annuity will , in turn , pay your insurance premium for you . Depending on your age and other factors , the amount of money you put into that annuity could very well be substantially less than the total premium you would end up paying for the next 10 years . This way you could stop making premium payments after that one annuity contribution , but still retain your guaranteed coverage . Now lets suppose you have a universal life policy . I am sure you know that this is a flexible premium product . You could overpay , underpay , and even stop paying . Of course , you need to know what you are doing here to make sure you will have the coverage you need for as long as you need it . Given that , you might be able to plop one lump sum into that policy now and never have to make another payment and still get the guarantees you want . All you need is for the carrier to do a simple calculation and illustration for you . Here again , you could stop making payments but still retain the coverage . There are many ways to skin a cat , as they say . Not that I think cats should be skinned at all - but you know what I mean :-RRB- 