A permanent life insurance policy where the policyowner pays premiums for a specified number of years is called limited pay policy.
In the limited pay policy, you make recurring payments but for a pre-specified limited period. This duration is lesser than policy term. The life cover remains intact throughout the tenure. Hence, you can pay off your premiums when you have the necessary funds.
Term insurance is appropriate for someone wo. Term insurance is appropriate for individuals seeking temporary protection and lower premiums.
This plan ensures that you are covered for a longer period, even in case when you stop paying your regular premiums.
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