Which type of life insurance policy has a limited premium payment period?

Limited Pay Life Insurance is designed specifically to have a specified period during which the policyholder pays premiums, after which no further payments are required. This structure allows individuals to have a life insurance policy that is fully paid up after a certain timeline, often by age 65 or after 10 or 20 years, depending on the policy's terms.

Once the premium payments are completed, the policy continues to provide coverage for the insured's entire life, demonstrating a clear benefit of reduced financial commitment compared to whole life policies, which typically require premium payments throughout the insured's lifetime.

In contrast, whole life insurance entails premiums that continue until death, creating a long-term financial obligation. Term life insurance, while providing coverage for a specific period, does not involve a limited premium payment structure because premiums are paid throughout the term without a cash value accumulation. Adjustable life insurance offers flexibility in premium payments and coverage amounts but does not have a defined limited payment period. Thus, the clear distinction and feature of Limited Pay Life Insurance make it the correct answer.