Which policy type is considered a Limited Pay Life policy?

A Limited Pay Life policy is characterized by the requirement to pay premiums for a specified period, after which the policy is considered fully paid-up, meaning no further premiums are required and the policy continues to provide coverage for the insured's lifetime. In this context, the option indicating "Life paid up to age 70" exemplifies this concept, as it specifies a defined payment period (up to age 70) after which the policy will remain in force without the need for additional payments.

Other options do not meet the criteria for Limited Pay Life policies. For instance, a Whole Life policy paid until age 100 implies continuous premium payments for a much longer duration than typically associated with Limited Pay structures. Term insurance, which is offered for a fixed number of years (such as the specified 10 years), does not function as lifelong coverage and thus does not qualify as a Limited Pay Life policy. Similarly, a Universal Life policy with flexible premiums allows the policyholder to adjust payment amounts and frequency, but it does not commit the insured to a predetermined limited payment period characteristic of Limited Pay Life insurance.