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

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A limited payment option on a whole life policy refers to the payment structure for the premiums, not the share of the policy face value paid to beneficiaries. It means the premiums are paid over a specified period, after which no further premiums are due, but the full face value is payable upon death.

A Limited Payment Option on a Whole Life Policy Pays