Which of these would be the best example of a limited pay life insurance policy?

A limited pay life insurance policy is designed to require premium payments for only a certain period while providing coverage for the entire life of the insured. In this case, the option that represents a limited pay life insurance policy most accurately is the whole life policy with premiums paid up after 20 years. This arrangement allows the policyholder to stop paying premiums after 20 years but still maintains coverage for the duration of the insured's life.

Limited pay policies typically include options like 10-pay, 20-pay, or paid-up at 65, indicating that after a specified period of payments, the policy is fully paid up and offers lifelong protection as well as a cash value component.

The other options do not fit the definition of limited pay life insurance. A term life policy generally provides coverage for a specific period and does not accumulate cash value; thus, options referring to term life policies do not meet the criteria. The whole life policy that pays out cash value over 20 years represents a different structure, focusing more on the distribution of cash value rather than the limitation of premium payments. Therefore, the selection of the whole life policy with premiums paid up after 20 years is the most fitting example of a limited pay life insurance policy.