When Is Whole Life Insurance Paid Up? 
New York Life provides options for exactly this situation . Say you do not want to pay premiums the rest of your life . Or say you want to give a gift to your grandchildren . This is exactly why New York Life , America 's oldest , largest , and highest rated life insurance company , created Custom Whole Life . With New York Life 's Custom Whole Life , you can arrange to pay premiums for a fixed number of years , to continue your policy , or the policy of whomever you are gifting it to , say your grandchildren . After that fixed number of year , the entire Life Insurance Policy will have been paid in full , and paid with a reduced amount of premium dollars ! How does New York Life do this ? The sooner they have the money , the quicker it can be invested by New York Life , building growth and compounding the interest . Yes , the premium for those first few years will be higher than under regular whole life , but it will quickly disappear completely and the policy will be paid in fully , requiring no further premium payments ever from anyone ! This sounds like exactly what you are looking for . 