I understand my permanent policy would be “fully paid up” at age 65. What does that mean?

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“Fully paid up” means just that. You have made enough premium payments to cover the cost of insurance for the rest of your life.

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An insurance agent has suggested I switch term companies every couple of years to take advantage of the company’s promotional rates in the first couple of years. Anything wrong with that?
What happens to the cash value after the policy is fully paid up?