When does a limited-pay life policy typically cease premium payments?

A limited-pay life policy is designed so that the policyholder pays premiums for a specific, defined period rather than their whole life. This means that once the defined payment period is complete, the policyholder is no longer required to make premium payments, but the insurance coverage remains in effect for the life of the insured or until a specified event occurs, such as the death of the insured.

This characteristic distinguishes limited-pay life policies from whole life policies, where premiums are paid for the lifetime of the insured. It also means that choices reflecting age or retirement age do not accurately define when premium payments stop, as these do not tie directly to the contractual period established by the policy itself. Thus, the essence of a limited-pay life policy is that it has a clear endpoint for premium payments, which is aligned with the concept of a defined payment period.