Final answer:
Limited-pay Life insurance is a type of life insurance policy that only requires the insured to pay premiums for a specified number of years until the policy is paid up.
Step-by-step explanation:
The type of life insurance policy that only requires the insured to pay premiums for a specified number of years until the policy is paid up is called Limited-pay Life insurance.
Limited-pay life insurance is a type of whole life insurance policy where the premium payments are made for a limited period, such as 10 or 20 years, after which the policy is considered fully paid. This means that the policy will remain in force for the insured's entire lifetime without any further premium payments.
For example, if an insured has a limited-pay life insurance policy with a 20-year pay period, they would only need to make premium payments for 20 years. After that, the policy would be considered paid up and they would no longer need to make any additional payments.