For example when I buy a $100,000 5-year limited-pay whole life plan, what does the $100,000 mean?

yes your totally right thats what your beneficiary would get when you pass on now that amount would include final expenses medical bills or anything else that needs to be paid if thats the case if you get a policy that is 100,000 you make payments to the company that issues the policy it sounds like you have to make payments for 5 years cause its limited so after the 5 years your beneficary gets the payment of 100,000 now if you pass away before the five years is up you only get the amount that you have paid in which is a percentage