Which type of life insurance policy is known as a Limited Pay life policy?

A Limited Pay life policy is characterized by its premium payment structure, where the policyholder pays premiums for a specified period, after which the policy is considered paid-up. In this case, "Life Paid-Up at Age 70" describes a policy that will remain in force until death, without any further premium payments required after a certain age. This aligns perfectly with the definition of a Limited Pay life policy, since the insured can stop paying premiums after reaching age 70 while retaining coverage for life.

The other types of policies have different payment structures: Whole Life typically requires ongoing premiums throughout the life of the insured, Term Life involves coverage for a specified term with no cash value and is not designed for limited payments, and Universal Life offers flexible premium payments but does not fall under the category of Limited Pay as it allows flexibility throughout the insured's life without a specified end to premium payments. Thus, "Life Paid-Up at Age 70" clearly fits the criteria for a Limited Pay life policy as it establishes a defined end to premium payments while ensuring ongoing coverage.