Limited Pay Life Insurance [Top 7 Pros and Cons of

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Typically whole life insurance has fixed rates for the life of the policy, which goes to age 100 for older policies and to age 121 for newer policies. However, with limited pay life insurance, your policy is designed so that you pay into your policy for a numbers of years or to a specific age. For example, you can choose single premium, 7-Pay, 10 Pay, 15 Pay, 20 Pay and Paid up at age 65.

One of the primary drivers behind people choosing a limited pay whole life policy is because they are under the false belief that once they start a whole life policy, they have to make premium payments for the rest of their life. This is not necessarily true. Even with a more traditional whole life policy, there are ways to either stop making payments or to take a break for a certain amount of time.

The benefit of limited pay policies, is that you fund the policy for a set number of years or until a certain age, and then you still have the death benefit protection but you no longer need to make premium payments, since the policy is now "paid-up."

Contrast this with term life, where after say a 20 year term, the policy will expire. At that time your term insurance coverage ends and you no longer have death benefit protection in place.

PROs of Limited Pay Whole Life Insurance
1. No More Premiums
2. Long Term Care Insurance
3. High Cash Value
4. Increased IRR
5. Great for Kids as well

Timestamps
0:00 Intro
1:09 Definition of Limited Pay Whole Life Insurance
4:20 Limited Pay Whole Life Insurance Benefits
7:34 Limited Pay Whole Life Insurance Drawbacks
12:28 The Best Whole Life Insurance Companies for Limited Pay Policies
13:47 Other Benefits of Whole Life Insurance
14:00 MassMutual 20 Pay example
16:42 MassMutual 15 Pay example
17:38 Penn Mutual Single Premium example
20:25 Conclusion

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DISCLAIMER: All content in this video is for educational purposes only and is not to be interpreted as personal financial advice. Always do your own due diligence.
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