Tim Bridges has a life insurance policy where he makes payments of $265 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 does Tim likely have?

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Quizplus · Accepted Answer

Tim Bridges likely has a limited payment life insurance policy, where he pays premiums for a specified period (in this case, until age 65) and the policy becomes paid up for life. This type of policy falls under the category of whole life insurance, but is different from ordinary whole life as the premiums are paid only for a limited time period.

Tim Bridges Has a Life Insurance Policy Where He Makes