Limited Payment Life Insurance Company Policy Types
This type of insurance policy is a whole life insurance policy. So, the coverage period continues until the insured reaches age 100, and the death benefit remains the same. However, in these life insurance plans, the premium payer can choose to pay the premiums in a shorter time than the actual coverage is for. These insurance policies are generally a bit higher than the straight life insurance policy plan, and the protection component decreases as the savings component increases.
Depending on what payment life that you choose, the cash value is not equal to the death benefit until the insured reaches age 100. You can choose for how many years you want your payments to be paid for (payment life). The shorter the duration, the higher the premiums.
Term Life
Basic Life Insurance Types
Universal
Straight
Level Term
Decreasing Term and Industrial
Limited Payment
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