Final answer:
The best-suited policy for someone who wants permanent life insurance coverage without indefinite premiums is Limited Pay Whole Life Insurance, as it requires premiums for a set period with coverage continuing for life. Option C is correct.
Step-by-step explanation:
For an individual who wants permanent life insurance coverage but does not wish to pay premiums indefinitely, the best-suited policy would be C. Limited pay whole life insurance. This type of policy allows the insured to pay premiums for a specified period, after which the policy remains in effect without additional payments. Unlike modified whole life insurance or straight life insurance, both of which typically require payments for the life of the policy, and graded premium whole life, which starts with lower premiums that increase over time, limited pay provides the peace of mind that comes with knowing that the premium obligations will end after a certain period while still retaining lifelong coverage.
The policy that would best suit an individual who wants permanent life insurance coverage but does not wish to pay premiums indefinitely is Limited pay whole life insurance. With this type of policy, the insured person only needs to pay premiums for a specific period, such as 10, 15, or 20 years, after which they are no longer required to make payments. The policy then remains in force for the rest of the insured person's life, providing permanent coverage.