If there is a number of premium payments, such as 20-pay, 30-pay or the premium is payable for a specified period of time, such as, to age 65, after which no further premium is required to be paid, what premium paying method was used?
A limited payment whole life policy covers your entire life but the premium payment is based on a specified period. For example 20 or 30 years; during which you pay a level premium. For stipulated age policies such as those paid up at age 55 or 65, you pay premium until you reach the stated age. In all cases, upon completion of the scheduled payments, the insurance remains in force at its face value for the rest of insured’s life
