What Is Limited Pay Life Insurance?
What Is Limited Pay Life Insurance Good For?
With limited pay, the insurer structures the cost of your entire lifelong policy so that you pay it off in a certain number of years. When that policy is paid up, you’ll have coverage in place for the rest of your life…without making any more payments.
You can select to pay for a certain number of years (7, 10, 15, 20) or until a certain age (65 or 70, for example).
Limited pay coverage works well for:
Pre-retirees who know they’ll be on a fixed income later in life and might not be able to afford coverage. Pay now, while you have the money, and rest easy later knowing that’s one less monthly bill you’ll have to deal with in retirement.
Parents who want to start a whole policy for their child. You’ll have coverage in place for them, as well as a cash value account that will grow as they get older.
Rather talk to a real person? We get it. It can be easier to ask “what is limited pay life insurance” than read about it. Call us at (800) 521-7873 and we’ll help you figure out if this type of coverage is right for you.
