Which of the following is an example of a Limited-Pay-Life policy?

A Limited-Pay-Life policy is designed so that the policyholder is required to pay premiums for a specified limited period rather than for their entire life. The key characteristic of this type of policy is that it will become fully paid up after a certain number of years or at a specific age, at which point no further premiums are necessary, yet the insurance coverage continues for the life of the insured.

Selecting the option of a policy that is "Paid Up at Age 70" reflects the definition of a Limited-Pay-Life policy since it indicates that the premiums would be paid until the insured reaches that age. After this point, the policy remains in force without the need for further premium payments. This structure allows the insured to have the advantages of whole life insurance coverage without the burden of paying premiums for their entire lifespan.

On the other hand, a "Life Paid Up at Age 65" could also qualify as a Limited-Pay-Life policy as it is also a defined limit until premiums are paid, but it specifically ends at age 65. A general Whole Life policy and a Universal Life policy are different types of policies that may require premium payments throughout the owner’s lifetime, thus not fitting the definition of Limited-Pay-Life. Therefore, the policy