Which policy enables the premium to be paid up over a period of 20 years?

The policy that allows the premium to be paid up over a period of 20 years is 20 Pay Life. This type of whole life insurance is specifically designed for premium payments to be completed within 20 years. After this payment period, the policy is considered fully paid-up, and the insured has lifetime coverage without needing to pay additional premiums.

With 20 Pay Life, the premiums are generally higher than a standard whole life policy because they are designed to be paid over a shorter time frame. This structure appeals to individuals who want the security of lifelong coverage but prefer to have their financial obligations completed sooner rather than later.

The other types of policies listed, while they may have unique features, do not operate on this specific 20-year premium payment structure. Graded Premium Whole Life typically starts with lower premiums that gradually increase, Adjustable Life Insurance allows for flexible premium payments and death benefits, and Universal Life Insurance offers flexible premiums and adjustable death benefits, but none are specifically focused on a 20-year premium payment term.