You do technically "pay off" a whole life insurance policy if you select and complete a limited-pay contract structure, such as a 20-pay policy where all required premiums are fully satisfied within 20 years. For continuous-pay whole life policies, payments continue for life unless you choose to surrender the contract for its accumulated cash value, use accumulated dividends to cover ongoing premium payments, or execute a reduced paid-up option that lowers the final death benefit in exchange for eliminating future premiums.
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