Life Insurance

You buy this policy with a specified time period, usually one, five, or ten years.

• Term Insurance

• Whole Life Insurance

Premiums are generally much cheaper than cash-value policies

• Term Insurance

• Whole Life Insurance

With this insurance policy the costs are spread out over your entire life.

• Term Insurance

• Whole Life Insurance

When do you need life insurance? Choose 3 answers

• If you're married

• If you're a single parent

• If you have kids

• If you don't have a spouse and/or kids

• You don't need it.

Who gets your death benefit once you die?

• Insurance Company

• Business Partner

• Your Beneficiaries

• Your Pets

• Charity

How large of a policy do you need for life insurance?

• Five to seven times your annual salary

• Ten to twelve times your annual salary

• One to four times your annual salary

• Equal to your annual salary

Tags

CCSS.6.RP.A.3B

What are actuarial life tables used for in life insurance?

• To determine the amount of death benefits

• To calculate the cost of dying

• To estimate life expectancy

• To decide the cost of a funeral

What does term insurance cover?

• For a specific period and has cash value

• For the whole life of the insured and is more expensive

• For a specific period, usually has lower premiums, and has no cash value

• For the whole life of the insured and provides cash value along with death benefits

The payment you make to the insurance company to keep your policy active, typically paid monthly

• Claim
• Deductible
• Premium
• Coverage

Who should NOT have life insurance?

• Mark, who takes care of his dependent father

• Leah, a single mother

• John, who has no friends or family

• Tyler, who wants to leave money to his friend