Which type of whole life insurance allows premiums to be paid up before age 100?

Limited-pay whole life insurance is designed to allow policyholders to pay premiums for a specified number of years, rather than throughout their entire lifetime, which traditionally extends up to age 100. This policy is particularly appealing to individuals who wish to have their insurance premiums paid off in a shorter time frame, often by retirement age or before. After the premium payment period concludes, the policy remains in force for the insured's lifetime without requiring further payments, accumulating cash value throughout the life of the policy.

This format contrasts with straight life insurance, where premiums are typically paid regularly until the insured reaches age 100, and term life, which provides coverage for a set term rather than a whole life policy. Universal life insurance also has flexible premium payments, but it often involves a cash value component that fluctuates based on various factors. Limited-pay whole life stands out as it uniquely provides the benefit of lower payment periods with lifetime coverage.