Which policy has premiums that are fully paid up well before age 100, with shorter pay periods resulting in higher premiums?

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Think about how premium payments are structured and when a policy becomes fully paid up. A limited payment policy is designed so you pay premiums for a fixed, shorter period (for example, 5, 10, or 20 years) and then the policy is paid up for life. Because you’re funding the same death benefit over a shorter time, the annual premiums are higher, and you’re finished paying well before age 100. Once those payments stop, no further premiums are due, yet the coverage continues for the insured’s lifetime.

In contrast, a straight life policy has premiums that continue for life with no paid-up status until death, so you don’t become fully paid up early. Term life provides coverage for a set term and does not become paid up at all. So the description given—premiums fully paid up well before age 100, with shorter pay periods yielding higher premiums—fits a limited payment policy.