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The premium paying term and the policy term are two important terms related to life insurance policies.

The premium paying term is the length of time during which the policyholder is responsible for paying premiums for the life insurance policy. This period may be different from the policy term, which is the length of time for which the policy provides coverage. For example, a policyholder may choose a premium paying term of 20 years, during which they pay premiums, but the policy term may be 30 years. This means that the policy will provide coverage for 30 years, but the policyholder is only responsible for paying premiums for 20 years.

In general, the premium paying term is shorter than the policy term, but this is not always the case. Some policies may have a premium paying term that is equal to the policy term, or a premium paying term that is longer than the policy term.

The choice of premium paying term and policy term will depend on the policyholder's financial situation and goals. A policyholder may choose a shorter premium paying term if they have limited financial resources and cannot afford to pay premiums for a longer period, while a policyholder with more financial resources may choose a longer premium paying term to ensure that they have coverage for a longer period.