Life Insurance Learning Center - Whole Life Insurance Types
Limited-Payment Life Insurance, Part 1
Like the straight life insurance, in a limited payment life insurance policy, the death benefit remains the same throughout the coverage period, and the policy extends until the insured reaches age 100.
However, different than a straight life insurance plan is that these plans can allow the payment of premiums over a period that is shorter than the actual duration of the coverage of the plan.
The premiums are like the level life insurance plans; they are the same during the premium payment period, but they are more than an average straight life insurance policy's premiums would be. The cash value in the savings component increases more during the payment period as the protection component decreases.
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