Life insurance Quiz, test your knowledge!

What is the difference between Term Insurance and Whole of Life Insurance

You are only able to buy Term Life insurance once during your lifetime.

Term Life Insurance covers you for a designated length of time; Whole Life Insurance covers you for life.

You are only able to name your spouse as the beneficiary in a Term Life Insurance policy.

Whole Life Insurance does not require a medical exam, but Term Life Insurance does.

What are some things you should consider when you deciding how much life insurance coverage you need?

Replacing income that your loved ones rely on for living expenses

Future costs, like your child’s college education

Funeral expenses

All of the above

When applying for Life insurance coverage, medical examinations and health history questions are:

Always required; regardless of the policy and type of life insurance.

Never required for any life insurance application.

Sometimes required; it depends on the policy and type of life insurance and your medical history

None of the above

Approval is guaranteed regardless of health for which of the following policies?

Accident Protection Insurance Plan

Whole of Life Insurance Plan

Accident Protection Insurance

Guaranteed Life Insurance Plan

Which of the following statements about life insurance is false?

Your lifestyle can impact your life insurance premiums

Life insurance is needed if you are married or have children

Life insurance benefits can be used to help pay for your children’s education.

None of the above

Which of the following can happen if your Life Insurance Plan is not put into Trust

The policy payout will become part of the policy holder's estate and may take 12 months to reach the beneficiary

The payout may be subject to taxes

The money may not reach the intended beneficiary at all

All of the above

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