What type of life insurance policy is known as Life Paid-up at age 65?

Life Paid-up at age 65 refers to a specific type of life insurance policy known as Limited Pay Whole Life. This form of insurance allows the policyholder to pay premiums for a limited number of years, after which the policy is considered fully paid up and the insured receives lifelong coverage without the need for further payments.

With Limited Pay Whole Life, the premiums are usually higher than those of a traditional whole life policy because the payment period is shorter. However, once the policyholder reaches age 65 (or whatever specified age is designated when the policy is purchased), they no longer need to make any premium payments, yet they will still enjoy the benefits of the policy, including the death benefit and any cash value accumulation.

This type of policy is particularly appealing to individuals who want life insurance protection that they will not have to pay for during their retirement years. It combines the benefits of whole life insurance—such as guaranteed coverage and cash value—with a premium payment structure that ends earlier than standard policies.