If you retire from work and find it difficult to continue to pay the premiums, you can convert the policy into a "paid-up" policy.
After the conversion, you will not be required to pay any more premium. The sum assured under your policy will be reduced (based on an actuarial formula). Any accumulated bonus will continue to be in-force. In most cases, the paid up value is quite attractive.
If you wish to learn about this "paid up" option, you can approach your insurance company.
Based on the quoted paid-up value, you can decide which option is best for you:
* continue to pay the premium
* stop the policy and take out the cash value
* convert into a paid up policy.
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