Limited pay whole life insurance offers permanent lifelong coverage along with accumulating cash value, with premium payments only required for a predetermined condensed timeframe such as 10 or 20 years rather than annually until death. While this enables disciplined savings and tax-deferred growth supplemented by policy loans or withdrawals, condensed premiums require sufficient income to budget properly. This guide provides an in-depth examination of limited pay whole life policies in Canada, how they work, considerations around temporary premiums, comparisons to regular permanent policies, alternatives for coverage, steps to purchase, and more.