Life Insurance 01. Term Insurance

Question 1

1. When did I buy the Term Life Insurance Policy?

Answer 1

May 2016

Question 2

2. What are the two basic types of life insurance?

Answer 2

a. Term insurance

b. Cash value insurance

Question 3

3. What are the characteristics of Term Insurance?

Answer 3

It generally has lower premiums in the early years, but does not build up cash values that you can use in the future.

Question 4

4. Term insurance covers you for a term of one year or more and pays a death benefit only if:

Answer 4

you die in that term. Term insurance generally offers the largest insurance protection for your premium dollar, but generally does not build up cash value.

Question 5

5. What is a CONVERSION PERIOD?

Answer 5

You may be able to trade many term insurance policies for a CASH VALUE POLICY during a CONVERSION PERIOD, even if you are not in good health. Premiums for the new policy will be higher than those you have been paying for the term insurance.

Question 6

End

Answer 6

End