If Michael wishes to eliminate premiums before age 100, which policy would he consider?

A Limited Payment Whole Life Policy would be the appropriate choice for someone like Michael who wishes to eliminate premiums before age 100. This type of policy is specifically designed so that the insured pays premiums for a limited number of years—often until a certain age, such as 65 or 100—after which no further premiums are required. The policy continues to provide coverage for the lifetime of the insured, and the insured will accumulate cash value within the policy, which can grow over time.

In contrast, a Term Life Policy provides coverage for a set period (e.g., 10, 20, or 30 years), and while it has lower initial premiums, it does not offer any cash value or lifelong protection after the term expires. A Modified Whole Life Policy usually has lower premiums in the early years that increase later, but it does not eliminate premiums like the limited payment does. Universal Life Policies offer flexible premium payments, but they do not inherently define a limited payment period like the limited payment whole life policy does. Thus, choosing a Limited Payment Whole Life Policy aligns directly with the goal of eliminating premiums before age 100 while ensuring lifetime coverage.