Which type of whole life insurance requires premiums for a specified number of years or to a specified age?

Limited Pay Life insurance is designed so that the policyholder pays premiums for a specified number of years or until they reach a certain age, after which the coverage remains in force without the need for further premium payments. This type of policy is appealing to those who want to complete their premium payments in a set period while still enjoying permanent life insurance coverage. The combination of a temporary payment period with a lifetime of coverage allows policyholders to manage their financial planning more effectively.

In contrast, Adjustable Whole Life Insurance allows for flexibility in premium payments and death benefits but does not have a fixed payment period like Limited Pay Life. Term Life Insurance provides coverage for a specified duration (term) but does not build cash value and requires renewal or re-evaluation after the term ends. Single Premium Whole Life involves a one-time payment for a whole life policy, providing immediate cash value and coverage, but does not involve ongoing premium payments over several years. Each option serves different needs and preferences in life insurance planning.