What is the primary purpose of life insurance?
Life Insurance: Whole vs. Term

Flashcard
•
Social Studies
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
To guarantee financial support for your beneficiaries after your death
2.
FLASHCARD QUESTION
Front
What is the payout from a life insurance policy called?
Back
Death benefit
3.
FLASHCARD QUESTION
Front
What happens to a term life insurance policy if the insured person outlives the term?
Back
The policy expires, and there is no payout
4.
FLASHCARD QUESTION
Front
Why is term life insurance generally more affordable than whole life insurance?
Back
It does not build cash value
5.
FLASHCARD QUESTION
Front
Which of the following is a key feature of whole life insurance?
Options:
It provides coverage for a specific term,
It builds cash value over time,
It is less expensive than term life insurance,
It does not pay a death benefit
Back
It builds cash value over time
6.
FLASHCARD QUESTION
Front
If a parent wants life insurance to ensure financial security for their children until they are grown, which type of policy is more practical?
Back
Term life insurance
7.
FLASHCARD QUESTION
Front
Which of the following best describes the cash value in a whole life insurance policy? Options: Money paid to beneficiaries upon death, A savings-like feature you can borrow against, A refund of premiums paid, The cost of maintaining the policy
Back
A savings-like feature you can borrow against
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