A Fully Paid Policy is a type of limited pay whole life insurance policy under which all premium payments have been made. This status indicates that no further premium payments are required, yet the policy remains active for the life of the insured.
An insurance contract is a legally binding unilateral agreement between an insured and an insurance company. In exchange for premium payments, the company covers specified perils or losses.
A life insurance policy in which all premiums have been paid. These policies require premium payments for a limited number of years, and once all premiums have been paid, the policy is considered fully funded and requires no more payments. The policy remains active until the insured dies or cancels the policy.
