I sometimes hear people tell me they would rather wait to buy whole life insurance because if they purchased it now their premium payments would exceed the death benefit. Is that scenario possible? Sure, but its impossible to predict because many people pass away much sooner than expected. There are better ways to minimize that problem that don’t involve postponing coverage. A type of policy called “limited pay whole life” has a set number of years that premium payments are made. After those years are done, the life insurance policy is paid in full and the coverage stays in force forever. A 20 pay whole life policy has 20 years of payments, whereas a life pay whole life policy can have 50 or more years of payments. The insurance company makes more profit on 50 years of payments than 20 years of payments. If you have a life pay whole life policy, you can stop premium payments and still keep coverage in force with a “reduced paid up” option. With this option you accept a lesser amount of coverage that is paid up.