Under a 20-pay whole life policy, how long must premiums be paid for the policy to be effective?

In a 20-pay whole life policy, the premiums are structured to be paid for a period of 20 years. This type of policy is designed so that the policyholder will have completed all premium payments by the end of the 20-year term. After this period, the policy remains in force for the insured's entire life, providing death benefits regardless of when the insured passes away, as long as the premiums were paid during the 20 years.

This option accurately reflects the intended design of the policy and clarifies that the obligation to pay premiums concludes after 20 years, at which point the policy becomes fully paid-up, but the death benefit continues in effect. Other options suggest various situations that do not align with the core mechanics of a 20-pay whole life policy. For instance, stating that premiums could be paid over a different duration, such as for the insured's entire life or until other conditions are met, would misrepresent the specific structure and purpose of this type of insurance policy.