In life insurance, a contract clause which provides that for certain reasons, such as misstatements on the application, the company may not contest payment of benefits (assuming premiums have been paid) and the policy has been in force during the lifetime of the insured for a certain period, usually two years after issue. You can also set up. Is A Paid-up Life Insurance Policy Paid Off Trusted Choice P is looking to purchase a life insurance policy that will pay a stated monthly income to his beneficiaries for 20 years after he dies and a lump sum of $20,000 at the end of that 20 year period. How long does coverage normally remain on a limited-pay life policy . K buys a policy where the premium stays fixed for the first 5 years. Whole life insurance has both a face value and a cash value. Modified premium life insurance policies allow you to pay lower premiums for the first 5 to 10 years. The cash value of vul is invested into separate assets of your choosing,. You could l...