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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Tim Bridges has a policy where he pays a premium for a limited period (until he reaches age 65) and then the policy is 'paid up' for life. This describes a limited payment life insurance policy, as opposed to ordinary whole life where premiums are paid until the policyholder's death or universal life where premiums may be flexible and even stop altogether at some point.

Tim Bridges Has a Life Insurance Policy Where He Makes