Life Insurance

What is the amount you pay per month for life insurance?

• premium

• deductible

• copay

• coinsurance

What is a beneficiary?

• The person who receives the value of a life insurance policy after the insured dies

• The person who pays the monthly premium

• The child of the insured

• The spouse of the insured

Which of the following is NOT a factor in determining how much life insurance you need?

• How much money you want to leave to your beneficiary

• How much debt you are leaving behind

• The age of your youngest child

• How much it will cost to send your children to college

True or False: You may only have one beneficiary on a life insurance policy

• True

• False

Which of the following is NOT a type of life insurance

• Whole

• Term

• Liability

What is the shortest term that you can buy insurance for?

• 10 years

• 3 years

• 5 years

Insurance that protects you for a limited period of time

• Whole Life

• Provisional Life

• Term Life

• After Life

Type of insurance that covers you as long as premiums are paid

• Term Life

• Whole Life

• Full Life

• Temporary Life

If you have a 15 year term life policy worth $15,000 and die 16 years after taking out the policy, how much will that policy pay?

• $15,000

• $0

• $7,500

• However much you paid in premiums

Which of the following is not a factor that affects how much you pay for life insurance?

• Overall health

• Family health history

• Age

• Where you live