Eligibility

• Agencies that offer paid-up life insurance usually set an age at which a policyholder can choose to stop paying premiums. A typical paid-up life insurance policy will have a set age of 65, but to be eligible, the policyholder usually must be 45 or younger. Customers may opt for other policies as well, which requires payments to stop at a different age.
  
  

Coverage

• Before purchasing a policy, it is advisable to check with the provider regarding the scope of coverage, and whether coverage will cease once the the policy is paid-up. As with all insurance policies, life insurance or otherwise, shop around for the best deal before you commit to any one provider.
  
  

Employer Insurance

• Depending on the employer, retirees can receive paid-up life insurance from their former employers, and employees receive benefits once they retire. Typically, those who are eligible for this type of life insurance had employee-paid life insurance as well.