How long does coverage generally last on a limited-pay life policy?

A limited-pay life insurance policy is designed to provide coverage for the entire life of the insured while allowing for premium payments to be made over a shorter, specified period. The coverage lasts until the insured reaches age 100, which is generally considered the age at which most policies are matured — meaning that the full benefit will be paid out either upon death or if the insured lives to that age.

This policy structure differs from other types of life insurance, like term insurance, which provides coverage only for a specified term, or whole life policies that typically require premium payments throughout the life of the insured without the limitation on payment duration.

In contrast to limited-pay life policies, the other options suggest different contexts: retirement age might vary significantly among individuals, and coverage typically doesn't hinge on age 100 for those frameworks. Specifying a coverage duration of 20 years does not align with the nature of limited-pay policies, as they are fundamentally intended for life-long protection. Coverage until the insured passes away is correct in terms of the policy's ultimate purpose, but it does not directly address the specifics of payment and coverage duration that define limited-pay life insurance.