What type of coverage does limited pay life insurance provide once premiums are fully paid?

Limited pay life insurance provides permanent coverage for the entire life of the insured once the premiums have been fully paid. This type of policy allows the policyholder to pay premiums over a specified period, such as 10 or 20 years, after which no further payments are required. Despite the limited payment period, the insurance coverage remains in force for the lifetime of the insured, provided that the policy remains in good standing and that the insured does not breach any policy conditions that might lead to lapsing.

This structure is particularly attractive for individuals who want to secure permanent life insurance without the ongoing financial commitment of premiums for the entire duration of their life. The policy accrues cash value over time, enhancing its benefits even further, and the insured can enjoy the peace of mind knowing that their beneficiaries will receive a death benefit when the time comes, regardless of when that is, as long as the policy is active.