What type of whole life policy allows premiums to be paid for a limited period?

Limited payment whole life insurance is designed to allow policyholders to pay their premiums over a shorter, specified period rather than throughout their entire life. This means that the policyholder may choose to pay premiums for a set number of years—such as 10, 20, or even up to age 65—after which no further premium payments are required. The policy still provides lifetime coverage, and once the premium period ends, the insured is fully protected without any ongoing payments.

Choosing this type of policy can be advantageous for individuals who wish to have their premiums paid off in a specific timeframe while still ensuring that their beneficiaries receive a death benefit regardless of when the insured passes away. This structure makes it an appealing option for those who want the security of whole life insurance but prefer to have their financial commitment completed in a shorter time span.

In contrast, alternatives such as single premium whole life require only a single upfront payment, universal whole life allows flexible premium payments and savings components, and term whole life is typically temporary, not lifetime protection. These features distinguish limited payment whole life as the suitable choice for paying premiums over a limited duration while still retaining lifetime coverage.