Tim Bridges has a life insurance policy where he makes payments of $325 per year until he reaches the age of 65.His policy is then "paid up" for life.His beneficiaries will receive the face value upon his death.What type of life insurance policy does Tim likely have?

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Quizplus · Accepted Answer

Limited payment life insurance allows the policyholder to pay premiums for a specified period, after which the policy is paid up for life. In Tim's case, he pays until he reaches 65, fitting the description of a limited payment policy.

Tim Bridges Has a Life Insurance Policy Where He Makes