Life insurance

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What is term insurance

1.Provides financial protection from losses resulting from loss of life during a definite period of time 2.Least expensive 3.If policy holder dies during this tie, beneficiaries will be paid (protection ends when term expires) 4. Usually for a period of 1-20 yrs

What is the secondary purpose of life insurance

A means for saving or investing

Who needs life insurance

Anyone with dependents if dependents could no live in a similar manner after you die they would need life insurance

What are the steps to purchasing life insurance

Apply through an agent take a physical exam pay premium to receive protection

What are the 2 types of policies for term insurance

Renewable policy and convertible policy

What are the 2 payment options for whole life insurance

Straight life and limited payments policy

What is convertible term insurance policy

Term insurance that can be changed into some kind of more permanent insurance without taking examination

What is life insurance

The protection against financial loss associated with dying

What is required for a beneficiary to have insurable interest

They must receive some sort of financial benefit from that persons continued life

What question should you as if you have dependent

What would happen to my family who is financially dependent on me if I die tomorrow

What is a renewable term insurance policy

allows a person to continue term insurance for more terms without taking and examination

What is cash value

amount your insurance company will pay you if you give up you policy You can borrow from the insurance company up to the amount of your cash value

What are the factors that affect the cost of life insurance

current health, type of occupation, type of insurance policy, age of insured, gender

What is whole life insurance

permanent insurance that extends over the life time of the insured

What is a beneficiary

person named in the policy to receive the insurance benefits who has an insurable interest in the policy holder

What is limited payments policy

premiums paid till a certain number of years (20-30) or until the policy holder reaches a certain age (65)

What is straight life

premiums remain the same throughout the policy holder's life span (pay till death)

What are the 2 basic types of life insurance

term insurance and whole life

What is the primary purpose of life insurance

to replace the loss of income for those financially dependent upon the policy holder


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