Term Life

Question 1

your premiums and death benefit stay the same for the entire length of the term.

Answer 1

Level

Question 2

You take out a $300,000, 30-year decreasing term life insurance policy to help your spouse continue making your mortgage payment in case you pass away unexpectedly.

Answer 2

Decreasing

Question 3

allows term life insurance policyholders to recover the premiums they’ve paid over the life of their policy if they don’t die while the policy is in effect

Answer 3

Return of Premium

Question 4

a form of term life insurance which offers a guarantee of future insurability for a set number of years.

Answer 4

Annually Renewable

Question 5

a clause in many term life insurance policies that allow for its renewal without the need for new underwriting

Answer 5

Renewable

Question 6

River purchased a $100,000 convertible term life insurance policy for 30 years and has the option to convert part of or the entire policy into a whole life insurance policy before the age of 50.

Answer 6

Convertible