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1. Whole Life Insurance Policies
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When you buy life insurance, you make a promise
to your loved ones; a promise that they will have
financial security when you can’t provide it. So
when you’re choosing a life insurance company, you
need one with the financial strength to back that
promise; an industry leader with a wide variety of
products—including one that’s right for you.
life insurance with limited payment
Whole life insurance from State Farm® gives you the
security of knowing loved ones will be taken care of
in the event of your premature death. That’s
because Whole life insurance provides a guaranteed
death benefit your loved ones can use as they
choose: For college, to pay off a mortgage, or

2. maybe to settle credit card debt. But planning for
your family’s future shouldn’t mean you can’t
benefit during your own lifetime. That’s why State
Farm Whole life insurance also helps build cash
values you can use in your lifetime. You could tap
into your policy’s cash value to:
Help pay for your children’s education.
Add to your retirement income.
Provide funds for any emergency expense that may
arise.
Cash value you can use for your own needs
Loans and withdrawals – A Whole Life policy builds
cash value that can grow into a sizeable
asset. You can take loans or make withdrawals from
your cash value for any number of reasons.1
Although dividends are not guaranteed, whole life
policies may pay dividends, which you can withdraw
for your own needs.2

3. Allows more spending during retirement – Many
people are hesitant to spend their assets during
retirement, since they would like to leave a legacy
behind them. A permanent life policy creates an
estate that can last a lifetime, so even if you spend
most of your retirement savings, you could leave
behind an inheritance.
Cash value could lower the actual cost of insurance
– Affordable premiums often make a term policy an
attractive choice. But when you consider the cash
value offered by a permanent policy, and subtract it
from the total premiums paid, then the total cost of
a permanent policy could be less. And since cash
value accumulates over time, your total cost will be
lower the longer you have your policy.
1Unpaid loans and withdrawals will reduce the
guaranteed death benefit and policy cash value.
Loans also accrue interest.

4. 2Dividends are a return of premium and are based
on the actual mortality, expense, and investment
experience of the Company.
LIMITED PAY LIFE INSURANCE:
One of the less common kinds of permanent life
insurance is limited pay life insurance. Unlike many
other kinds of insurance in which premiums are
payed for as long as the policy remains in force,
limited pay life insurance can remain active long
after the premiums are payed. Instead, the
premiums are all payed over a pre-set time period.
Premiums are often paid out in their entirety over
either a ten or twenty year period. Once all the
premiums are paid up, no more payments are
required to keep the policy active.
Instead of Instead of paying out upon death, many
limited pay policies pay out when the policy holder

5. reaches age sixty-five. This is a key difference, as
the value of many policies is inaccessible or would
deplete the value of the policy until the policy
holder has died.
Limited payment life insurance, sometimes referred
to simply as limited pay life insurance, is really a
way of having the best of all worlds with a whole
life policy. You pay a premium for a predetermined
number of years and you have your policy for the
rest of your life. Here is how the limited payment
life insurance policies work.
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The Face Amount
This policy has a death benefit that is guaranteed to
stay level for as long as you own it even if you
choose to keep it until age 100. The face amount is
usually paid out income tax free to the beneficiary
of your choice. It can be paid in one lump sum or in
the form of a monthly income. If you choose to
have payment made in income form you have many
options to choose from.
Life Income
Limited payment life insurance policy proceeds
made as a life income is one of the many choices. If
you make this choice the life insurance company
will pay this income to your beneficiary for as long
as s/he lives. Upon the death of this beneficiary

7. there is no more income paid even if payment has
only been paid for only one month. Look at it this
way, if the beneficiary lived a long life the insurance
company would be on the hook for a lot more than
the face amount of the policy. On the other hand a
short life would mean the heirs would lose. This in
my humble opinion a life income payment with no
certain is not a very good choice...
A better choice would be a life income with a
certain period. The proceeds of your limited
payment life insurance can be paid out in life
income form with, for example, 5 years certain, 10
years certain or 20 years certain. Let us say you
chose to take a life income with 20 years certain
your beneficiary would be paid a lesser income for
his or her life but upon death, if death occurred
after one year for example, the income has to be
continued for another 19 years. To put it another

8. way the income must be paid for a minimum of 20
years.
Fixed Period Income
A fixed period income simply works this way. You
tell the insurance company to pay the proceeds of
your limited payment life insurance policy to your
beneficiary in equal amounts over a period of 10
years, for example, upon your death. The amount
paid out would be more than the lump sum
insurance amount.
Fixed Amount Income
The proceeds of your limited payment life insurance
policy can also be paid to your beneficiary in fixed
amounts. You tell the insurance company to pay, for
example, $1000 per month to your spouse until the
proceeds are exhausted. This always amounts to

9. considerably more than had the payments been
made in a lump sum.
Interest Option
You can choose to have the lump sum that would
be paid upon your death held by the insurance
company and only the interest paid out each year.
At a given time in the future you would have the
lump sum paid.
The limited payment life insurance policy is a whole
life based policy and therefore has cash values
which accumulates at a guaranteed minimal rate of
interest. If you should be in need of cash you may
take a loan from your policy which usually is limited
to about 80% of the cash value. If you are unable to
come up with the premiums the automatic
premium loan provision will kick in and use a

10. portion of your cash value to keep the policy in
force...
Your limited payment life insurance policy also
accrues dividends. Dividends, however, are not
guaranteed and depend on the performance of the
life insurance company.
If a dividend is earned by your limited payment life
insurance policy it can be paid to you in cash. The
life insurance company will mail you a check.
Dividends can be applied to the reduction of
premiums. The amount necessary to keep the policy
in force would be less than the premium contracted
for in that year.
Dividends can be used to purchase paid up
additions. Paid up additions are single premium
policies of the same type as the base policy. They

11. have cash values and participate in dividends if any
dividends are declared.
Available waiver of premium rider and accidental
death benefit rider can be added to your limited
payment life insurance policy if you should so
choose.