Limited Payment Life Insurance

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Limited Payment Life Insurance Limited payment life insurance is a type of life insurance policy that requires you to pay premiums for a limited number of years, but the coverage lasts a lifetime. Typically, an insured person pays premiums for 7, 10, 15, or 20 years, and coverage lasts until the insured's death The advantage of limited premium payments is that it tackles the financial burden of paying premiums for longer durations when you choose longer coverage tenure. The main benefit of limited pay option is that it frees you from paying premiums for your term insurance plan for a long period. A limited pay life policy is differ from a whole life policy in that in whole life premiums are guaranteed to never increase, i.e. the premium is fixed for the life of the policy but with limited pay life, the premiums have an end date. Overall, limited payment life insurance can be a good option for people who want to purchase life insurance but may not be able to afford to pay premiums for their entire lives. It can also be a good option for people who want to leave a legacy to their loved ones, regardless of when they die #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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