In contrast to traditional whole life, how does a limited pay policy differ in terms of premium payment duration?

A limited pay policy is specifically designed for policyholders who prefer to pay premiums over a shorter, predetermined period of time, rather than continuing payments throughout their entire lifetime. This typically means that the policyholder will pay premiums for a set number of years, such as 10, 15, or 20 years, depending on the specific terms of the policy. Once this period is completed, the coverage remains in effect for the life of the policyholder without the need for further premiums.

This is different from traditional whole life policies, where premiums are paid indefinitely, typically throughout the lifetime of the insured. Moreover, while some policies may offer flexible premium options or allow for premiums to cease at a certain age, a limited pay policy is established to have a clear and limited timeline for premium payments, making option B the most accurate description of this product.