What type of whole life policy allows payments to cease at a specified age?

The choice of a 20-pay life policy is correct because it is designed specifically to allow the policyholder to make premium payments for only 20 years or until a specified age, after which no further premium payments are required. This means that once the payment period is completed, the policy remains in force for the lifetime of the insured without the need for additional premiums.

This structure attracts individuals who prefer to pay off their life insurance during their working years and have it fully paid up as they enter retirement or later life stages. It provides a balance of a whole life policy's guaranteed death benefit while allowing for a defined payment period.

Other options, such as continuous premium whole life, require ongoing premium payments throughout the insured's life. Universal life offers flexible premiums but does not limit payments to a specific number or age. Variable life involves investment components that can affect the policy's cash value and doesn't have a defined payment period.