Premiums on limited payment life insurance are paid for a limited number of years, but the benefits last a lifetime. Premiums are payable for 10, 15, or 20 years depending on the policy selected. You can pay premiums monthly, quarterly, semi-annually, or annually. Guaranteed cash value grows tax-deferred.
Paid-up whole life insurance is when the term for premium payments have matured the policy holder has no premium due. The death benefit remains the level until it's paid to the beneficiary.