Which policy allows premiums to cease while maintaining a reduced amount of coverage?

The option that allows premiums to cease while maintaining a reduced amount of coverage is associated with the life at age 65 policy. This policy is designed to provide coverage until a specified age, typically 65. When the policyholder reaches this age, they have the option to stop paying premiums, and although the death benefit may be reduced, some level of coverage continues for the insured.

This feature is particularly appealing for individuals who may not want to continue paying premiums into retirement or later years but still wish to have some financial protection for their beneficiaries. This balance of coverage and premium payment structure aligns with the life at age 65 policy's intent.

In contrast, endowment policies typically offer a combination of life insurance and savings, paying out a lump sum either at the end of a specified term or upon the insured's death, but do not have a provision to cease premiums while maintaining reduced coverage. Term policies provide coverage for a specified period with no cash value accumulation and do not allow for premium cessation without losing coverage entirely. Whole life policies guarantee lifelong coverage and typically require ongoing premium payments to maintain the coverage amount.