Term Insurance important for single family earning member.it costs low than traditional policy - take the quiz | Take the Quiz

What is the primary purpose of term insurance?

To provide financial protection for a specific period of time

To accumulate cash value over time

To cover medical expenses

To invest in the stock market

Which of the following is true about term insurance premiums?

They are generally lower than premiums for traditional policies

They increase as you get older

They remain the same throughout the policy term

They can be paid monthly or annually

What happens if the insured person survives the term of the insurance policy?

The policy expires and no benefits are paid out

The policy is renewed automatically

The insured person receives a refund of all premiums paid

The insured person can convert the policy into a permanent life insurance policy

Which of the following factors can affect the cost of term insurance?

Age of the insured

Smoking status of the insured

Health condition of the insured

All are true

How long does a typical term insurance policy last?

10 years

20 years

Lifetime

As per individual need

Which of the following is an advantage of term insurance?

Lower cost compared to other types of life insurance

Flexibility to choose the policy term

Ability to accumulate cash value over time

Provides coverage for the insured's entire lifetime

What happens if the insured person dies during the term of the insurance policy?

The beneficiaries receive a death benefit payout

The policy is renewed automatically

The insured person receives a refund of all premiums paid

The policy expires and no benefits are paid out

True or False: Term Insurance 99.51% Claim settlement Ratio of SBI Life Insurance which is highest in market

What is the primary difference between term insurance and whole life insurance?

Term insurance provides coverage for a specific period of time, while whole life insurance provides coverage for the insured's entire lifetime

Term insurance has higher premiums than whole life insurance

Whole life insurance offers investment opportunities

Term insurance does not require a medical examination

Which of the following is not a common use of term insurance?

Income replacement for the family in case of the insured's death

Paying off mortgage or other debts

Funding retirement expenses

Covering children's education expenses

Term Insurance important for single family earning member.it costs low than traditional policy - take the quiz

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