Life insurance Flashcards
1
Q
Two Major Types
A
Whole life and
Term life
2
Q
Whole life
A
Insured pays higher premium and insurance company invests
If insured dies after term of premiums it functions like a POD account
3
Q
Term Life
A
Pays premium for set terms
If die during term they put for contracted benefit if they do not die the policy ends
4
Q
Benefits
A
1) income replacement at death for dependents/ss
2) Investment
3) Cover S.S. elective share
