Limited Payment Life Insurance at Life

Limited Payment Life Insurance. Limited pay life insurance is for an individual who owns a whole life insurance policy but chooses to pay for the total cost of their premiums for a limited number of years. What is the advantage of limited payment life insurance?

Limited pay life insurance is a type of whole life insurance that allows you to prepay for the entire cost of your coverage for a set number of years. There are several types of limited pay life insurance policies all with differing guaranteed premium payment periods. With a limited pay whole life insurance policy, you’re required to pay a premium for a predetermined number of years or until you reach a specific age.

Social sustainability

However, unlike term life insurance, your death benefit remains in place until you pass on. The exact definition of limited pay life insurance is a bit debatable. Life insurance can be simply defined as a contract between the policy owner (insured) and the insurer, in which the insured agrees to pay regular premiums, while the insurer agrees to pay an agreed upon amount to the insured's survivors upon the insu Limited pay whole life insurance is a type of permanent life insurance policy that is designed to pay all premiums on a predetermined schedule rather than annual payments for life.