Whole Life Insurance Flashcards
True or False: Whole Life is permanent life insurance
TRUE: Whole life insurance lasts for whole life or until insurer is 100 years old
True or False: Whole life Ins. policies have cash value that you can borrow from
True: Whole life insurance builds cash value inside the policy
True or False: Whole life has a level premium until age 100
True
What are other names for Whole Life policies?
Traditional Life, Pure Life, Straight Life
What whole life policies have level premiums to 100, builds cash value after 3-5years, and endows at end of policy?
Whole life, Traditional life, Pure life, Straight Life (They all mean the same thaang)
What does it mean for a policy to endow at the end of policy?
When a policy endows, it means the cash value = face amount at end of policy
Which whole life policy builds cash value fastest?
Endowment Policy (E for Expensive)
Jack wants to save money to build new roof on church and he can afford to pay MORE, which policy should he purchase?
Endowment Policy - because it builds cash value fastest
Jack wants to save money for retirement, he can afford to pay MORE, Which policy is best?
Endowment Policy - builds cash value fastest
10PayLife ; @0PayLife ; PaidUp65 (PU65)
Limited Pay Life
Which Whole Life policy requires premiums for a period of time but has coverage for life?
Limited pay life
What is the only policy that builds immediate cash value?
Single premium policy - one lump sum payment then you have coverage and cash value for life
What Whole life policy pays under specific circumstances like having cancer?
Limited benefit
What family policy combines Whole life and LEVEL term insurance?
Family Maintenance Policy - (Maintain=Level) ;
Which Family Policy combines Whole life and DECREASING TERM Insurance?
Family Income Policy:
