A permanent life insurance policy where the policyowner pays premiums for a specified number of years is called a(n)?

A permanent life insurance policy where the policyowner pays premiums for a specified number of years is referred to as a limited pay policy. This type of policy allows the insured to pay premiums for a set period, such as 10, 15, or 20 years, after which the policy is considered paid-up, and no further premiums are required.

The primary benefit of a limited pay policy is that it provides lifetime coverage while allowing the policyholder to complete payments in a shorter timeframe compared to whole life policies, which typically require continuous premium payments throughout the insured's lifetime. At the end of the premium payment period, the policy continues to provide death benefits and may also accumulate cash value over time.

In contrast, adjustable policies allow for flexible premium and death benefit amounts, level term policies provide coverage for a specified term without cash value accumulation, and variable universal policies combine investment options with flexible premiums but don't fit the definition of "paying premiums for a specified number of years."