What is a key feature of Limited Payment Life insurance?

Limited Payment Life insurance is characterized by the requirement for premiums to be paid for a specified period, rather than throughout the lifetime of the insured. This means that policyholders will make premium payments for a limited duration, such as 10, 15, or 20 years, after which no further premiums are due. At this point, the policy is considered paid up, and coverage continues for the insured's entire life, providing a death benefit when the insured passes away.

This feature is advantageous for individuals who wish to reduce their financial commitment over time while still ensuring that their beneficiaries receive a death benefit. It allows for a more manageable way to pay for life insurance, while the coverage remains in force indefinitely after the premium payment period concludes. The other options describe features not applicable to Limited Payment Life insurance, like providing term coverage or being variable in nature.