A whole life policy that requires the policy owner to pay premiums for a specified number of years is known as what kind of policy?

A whole life policy that requires the policy owner to pay premiums for a specified number of years is known as a Limited Pay Whole Life policy. This type of policy is designed so that premiums are paid for a limited period, after which the policy is considered fully paid up. This means that the policyholder does not have to make any further premium payments, while still maintaining the death benefit and cash value accumulation for the life of the insured.

Limited Pay Whole Life policies are beneficial for those who want the security of lifetime coverage without having to make premium payments throughout their entire life. They usually come with higher annual premiums compared to traditional whole life policies, but they allow the policyholder to stop making payments after reaching a certain age or after a fixed number of years.

In contrast, options such as Traditional Whole Life involve paying premiums for the lifetime of the insured, while Universal Life offers flexibility in premium payments and death benefits without a designated payment period. Term Life provides coverage for a specified term and does not accrue cash value, making it different from whole life policies altogether.