A limited payment option on a whole life insurance policy pays a smaller share of the policy's face value to beneficiaries during the first five years of the policy.

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A limited payment option on a whole life insurance policy refers to a payment structure in which the policy owner makes fixed premium payments for a certain number of years, after which the policy is considered paid up and no additional premiums are required. This payment structure does not affect the share of the policy's face value paid to beneficiaries.

A Limited Payment Option on a Whole Life Insurance Policy