Is it possible to buy a paid-up policy?

It is rare, but there are a few versions of paid-up insurance available. One version is really a lump sum life insurance policy or annuity which will work if you put enough money in it, at least $100,000 or so for a 60 year old couple.  There are a few long-term care policies approved in some states that have 10-pay or 20-pay options that have a guaranteed premium.

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