What Does A Paid Up Life Insurance Policy Mean? 
To get a paid up life policy , you would normally pay more than the normal premium for a few years , resulting in no further premiums being ever due on a Whole Life Policy . One product which New York Life specializes in that does this is called Custom Whole Life , which is frequently bought by Grandparents to protect their Grand Children for the entire life of that grandchild . What a Gift ! Sure beats toys . The proceeds can even be used to help fund a college education , when a loan is taken out on the policy for that purpose . Talk with a qualified agent . Gary Lane , Registered Representative and Agent , New York Life . 949 797 2424 . Thank you . 