Which of the following is an example of a limited-pay life policy?

A limited-pay life insurance policy is designed so that the policyholder pays premiums for a limited period, after which the coverage continues for the lifetime without the need for additional payments. The correct choice, life paid-up at age 65, exemplifies this concept well. This type of policy typically allows the insured to pay premiums until a specific age, in this case, 65, after which they no longer need to make premium payments, and the policy remains in force for the lifetime of the insured.

In contrast, a whole life paid-up at age 100 indicates that the policy matures when the insured reaches age 100, meaning it doesn’t classify as limited pay because this option suggests a longer payment term. Term life payable at age 65 is a temporary form of insurance that only provides coverage until age 65 without any investment component or lifetime benefit once the term is over. Lastly, universal life with reduced payments does not fit the definition of limited-pay either, as universal life policies typically allow flexible premiums throughout the life of the policy rather than capping payment at a certain age.