Types Of Life Policies Flashcards
1
Q
What are the characteristics of term life insurance?
A
Temporary protection, provides lowest premiums and has max age limit. Pay’s beneficiaries if not cancelled or expired prior to death.
2
Q
What are the 3 basic types of term life insurance coverage available based on how the face amount (death benefit) changes during the policy term?
A
Level, increasing and decreasing. The amount of death benefit may fluctuate depending on the type of term insurance and figured at attained age at time of transaction.
