Which type of whole life insurance has premiums paid for only a limited number of years?

Limited pay life insurance is designed to have premiums paid for a specific, limited number of years, after which the policyholder no longer needs to make premium payments while still maintaining coverage for their whole life. This type of policy is beneficial for individuals who want to ensure that their insurance is paid for in a shorter time frame, allowing them to accumulate cash value and secure lifelong coverage without ongoing premium responsibilities in their later years.

The option of universal life insurance involves flexible premiums and a death benefit that can vary, making it distinct from the structured premium payment system of limited pay life. Term life insurance, on the other hand, provides coverage for a specified period with no cash value accumulation and typically requires premiums to be paid throughout the entire term. Variable life insurance combines life coverage with an investment component, which can lead to fluctuating premiums and cash values based on the performance of the selected investments. These differences clarify why limited pay life insurance is the correct answer for this question.