A form of limited payment Life Insurance that provides protection for the whole of life, but with payment of premiums to stop at a particular age, thus paying up the policy. A common form would be Life Paid Up At Age 65.
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Level Premium Insurance
That form of insurance for which the premium remains the same throughout the life of the contract. Most Whole Life Insurance is paid for in this way. The amount of a level premium is higher than needed for the protection afforded in the early years of the contract but less than needed for protection in the later years. It is a method of leveling off the cost of insurance so as not to have it increase each year until it becomes unaffordable. See also Net Level Premium.