How is the premium duration determined in a limited pay whole life policy?

In a limited pay whole life policy, the premium duration is determined by the number of years that premiums are required to be paid. This means that the policyholder commits to making premium payments for a specified number of years, after which the policy is considered fully paid up.

For example, a limited pay whole life policy might require premiums to be paid over 10, 20, or even 30 years, depending on the terms of the contract. After this period, no further premium payments are necessary, but the policy remains in force and continues to provide coverage for the insured's lifetime.

This feature is particularly attractive for individuals who wish to have their policy fully funded in a shorter time frame compared to a whole life policy with lifelong premium payments. The certainty of payment duration helps with financial planning for policyholders.