Limited Pay Life insurance offers the security and benefits of permanent life insurance. But unlike a plan where you pay until you reach a certain age, you pay for the policy over a predetermined period: 10, 15, or 20 years. With Limited Pay Life you’ll know exactly how much you will pay and for how long.
When you finish paying, the coverage can last for your entire life.
Limited Pay Life can be a great option if you want to choose the length of time it takes to fully pay for a permanent life insurance policy. It may also allow you to finish paying before another stage in life, like the kids moving out or retirement. In addition, with the Additional Purchase Benefit, you have the ability to buy more insurance in the future at a cost that’s based on your health today.
Limited Pay Life can also be a great opportunity to provide the benefits of permanent life insurance coverage to children. That’s coverage you pay for now that can allow them to build financial security that could last their entire lives. In addition, no matter what happens to the children’s health in the future, the Additional Purchase Benefit will allow them to purchase more insurance at rates based on their original health status.
With Limited Pay Life:
- Your protection is permanent.1
- Premiums never increase, and you pay for a predetermined amount of time or until death, if sooner.
- You are eligible for dividends,2 which you can use to increase your coverage or reduce your premiums.
- Cash values may increase faster when dividends are used to purchase additional insurance.
- You will get guaranteed minimum cash value.
Click here for the Limited Pay Life Brochure.
1As long as premiums are paid.
2Dividends are not guaranteed.