A limited payment whole life policy provides

A limited payment whole life policy is designed to provide lifetime protection, meaning that the policy remains in force for the entire life of the insured individual, as long as premiums are paid. This type of insurance combines the features of a whole life policy, which offers coverage for the entire life of the insured, and the convenience of having limited premium payments.

Typically, policyholders pay premiums for a shorter period, such as 10, 20, or even 30 years, after which the policy is fully paid up, and the cover continues for the lifetime of the insured without the need for further premium payments. This structure allows individuals to enjoy the benefits of lifetime coverage while alleviating the financial burden of paying premiums throughout their entire life.

The other options do not encapsulate the primary feature of a limited payment whole life policy. For instance, while protection can indeed last for 20 years, limited payment policies are not restricted to a set term like that; they ultimately provide lifetime protection as mentioned. Discounted premiums are not a feature of these policies, as the premiums are typically structured and based on the age and health of the insured at the time of purchase. Lastly, these policies are meant to cover a single person, offering death benefits upon the death of