Starter - as long as you pay the premium

Life insurance pays a death benefit if you die while the policy is in effect, in exchange for premiums you pay before your death.

2018NAIC Life Insurance Buyer's Guide - 8p

  • Whole (or universal) life insurance policies are considered
    permanent.
  • As long as you pay the premium, the policy is in effect.  (p32)

2015 Version - Consumer Action Handbook - U.S. General Services Administration’s (GSA) Office

  • Term policies generally do not have a cash value and usually are less expensive than permanent insurance for a given amount of insurance protection during a like time period.
  • Permanent (cash value) life insurance pays the beneficiary whenever the insured dies, as long as premiums have been paid.

2016 - FIO - Report on Protection of Insurance Consumers and Access to Insurance - 58p

 ....the concept of a "premium due date" was thought to be inapposite to flexible premium policies.

1983-1, NAIC proceedings

<def. inapposite: out of place; inappropriate>