Limited payment life insurance, sometimes referred to simply as limited pay life insurance, is really a way of having the best of all worlds with a whole life policy. You pay a premium for a predetermined number of years and you have your policy for the rest of your life. Here is how these policies work.
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The Face Amount
This policy has a death benefit that is guaranteed to stay level for as long as you own it even if you choose to keep it until age 100. The face amount is usually paid out income tax free to the beneficiary of your choice. It can be paid in one lump sum or in the form of a monthly income. If you choose to have payment made in income form you have many options to choose from.
The limited payment life insurance policy is a
whole life based policy
and therefore has cash values which accumulates at a guaranteed
minimal rate of interest. If you should be in need of cash you may take
a loan from your policy which usually is limited to about 80% of the
If you are unable to come up with the premiums the automatic premium loan provision will kick in and use a portion of your cash value to keep the policy in force...
Your limited payment life insurance policy also accrues dividends. Dividends, however, are not guaranteed and depend on the performance of the life insurance company.
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Term life insurance is life insurance in it's simplest form. These policies stay in force for a specific number of years, for example, 5 years 10 years etc.