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Life Insurance Learning Center - Whole Life Insurance Types

Limited-Payment Life Insurance, Part 2

Study which type you want before obtaining a life insurance quote.
Examples of some limited-payment life policies that have specific terms for premium payments include 30-payment life, 20-payment life, 15-payment life, and 10-payment life. There is even a single-premium whole life insurance policy, which only requires one premium to be paid.

Sometimes, age can determine how long a premium has to be paid. For example, there are plans that are called life[age] policies that allow the premiums to be paid up to that age. When the ages are higher, like 90 or 95, the cash values and the premiums are very much similar to the straight life insurance policy's cash values and premiums.

Once all of the premiums are paid, the cash value still does not equal the death benefit. Only when the insured reaches 100 do the two figures equal.

There are advantages and disadvantages to the limited-payment life policies. For example, the advantages are that the premiums are paid for a shorter duration, and the cash value with the savings component grows more than in a straight life policy plan.

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