As there are more variations and features of Whole Life Insurance, each variation will be discussed individually. This article explains Limited-Pay Whole Life.
Limited-Pay Whole Life insurance requires a premium payable for the life of the insured or until the policy endows, however, the premiums are designed to fully pay off the policy prior to death of the insured. Because the insurer must collect enough money to pay off the policy in a shorter period of time, premiums for this type of policy are more expensive than level-term insurance providing the same protection.
