The tax-free earnings of paid-up life insurance give it a built-in advantage as its yields are closer to taxable bond returns.

FORBES: Life's Tax Advantages

Whether the paid-up life insurance should be in an irrevocable trust or similar entities depends on whether the tax-free bonds are estate assets or outside the estate.

FORBES: Life's Tax Advantages

Paid-up life insurance policies will be MECs, with earnings taxed first on cash withdrawals or loans.

FORBES: Life's Tax Advantages

For this reason we would not recommend that all funds allocated to tax-free bonds be diverted to paid-up life insurance.

FORBES: Life's Tax Advantages

Existing tax-free bonds could be liquidated to invest in paid-up life insurance if there is little or no gain on their sale.

FORBES: Life's Tax Advantages

Insurance companies will realize the medical equivalent of a car tune-up is best paid for without introducing the Gordian Knot of insurance claims processing.

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Without long-term, paid-up capital, it is hard to write multi-year policies, let alone to organise insurance-backed bond issues or derivatives.

ECONOMIST: Lloyd��s of London