which of the following life insurance policies would have the lowest premium for a male age 40?

by Niko Zemlak Published 1 year ago Updated 1 year ago

Which term period offers the highest amount of life insurance?

Dec 16, 2019 · Which of the following life insurance policies would have the lowest premium for a male age 40? A. Level term. B. Whole life paid up at 45. C. Variable life

Which is not a characteristic of a whole life insurance policy?

2) Which of the following policies would have the highest premium for a standard risk male age 27? D) 10-pay whole life 3) Assume that all of the life insurance policies listed below have a $50,000 face value, are sold by the same insurer, and have identical expense and mortality rates.

How much is a life insurance policy at 45?

Of the following, choose which is correct about a non-participating whole life policy. 1. Endows at age 65 2. Endows at age 100 3. Is paid up at a certain time 4. Will have lower premiums than term insurance 5. Will have higher premiums than term insurance a) 1, 3, 5 b) 2, 3, 4 c) 2, 3, 5 d) 1 and 5

How long should a term life insurance policy last?

D. The premium and the cash value. The death benefit and premium. A life insurance policy that provides an opportunity for investment growth potential and is characterized by a flexible premium best describes: A. Variable universal life. B. Universal life. C. Combination life. D. Variable life. Variable universal life.

Which type of life insurance has the lowest premium?

Term life insuranceWhat Is the Cheapest Form of Life Insurance? Term life insurance is typically the cheapest form of life insurance because it has no cash value and only covers you for a specific number of years.

What age is life insurance the cheapest?

Buying life insurance in your 20s Your 20s are the best time to buy affordable term life insurance coverage (even though you may not “need it”). Generally, when you're younger and healthier, you pose less risk to an insurer, which is why you're offered the most affordable rates.

What type of policy would offer a 40 year old?

What type of policy would offer a 40-year old the quickest accumulation of cash value? In this situation, a 20-pay Life policy offers the quickest accumulation of cash value. Whole life provides the insured with a cash value as well as a level face amount.

Which type of life insurance will offer the cheapest method to insure your life for $1 million for at least 20 years?

Whole life policies are the least expensive way to meet your life insurance needs. Advantages of whole life insurance policies are that they provide long-term coverage, the rates are fixed, and they have a savings or cash value feature.

What is the age for life insurance?

It is possible to obtain a term insurance before the age of 65 and you can opt for coverage up to 99 years of age. Since a term plan can be purchased at any point between the ages of 18 and 65, let us take a peek at how to purchase a term plan at various periods of existence.May 28, 2021

Why is term life insurance usually the least expensive?

Term life insurance is the least expensive type of life insurance because it is only a death benefit and insures the individual for a limited number of years... There is no cash value accumulation. The death benefit is paid only if the insured dies during the term of coverage.

What type of life insurance is best for a 50 year old?

At age 50 or older, term life will generally be the most affordable option for getting the death benefit needed to help ensure your family is provided for. 2. Coverage for final expenses. These policies are designed specifically to cover funeral and death-related costs, but nothing more.

Can I get 40 year term life insurance?

Key Takeaways. It's rare to find life insurance companies offering 40-year term life insurance policies. In fact, you can currently only purchase these from two companies: Protective Life Insurance and General & Legal. A 40-year term life insurance plan is significantly more expensive than a 10- or 20-year term policy.Apr 3, 2022

What kind of premium does a whole life policy have?

Whole life insurance policies have a fixed premium, meaning you need to pay the same amount each year. Whole life insurance also provides steady, fixed growth on your cash value.

What type of insurance policy is most commonly used in credit life insurance?

Credit insurance is a special type of coverage written to insure the life of the debtor and pay off the balance of a loan in the event of the death of the debtor. It is usually written as decreasing term insurance.

What are two types of life insurance?

There are two major types of life insurance—term and whole life. Whole life is sometimes called permanent life insurance, and it encompasses several subcategories, including traditional whole life, universal life, variable life and variable universal life.

How many life insurance policies can you have?

Fortunately, there are no legal limits as to how many life insurance policies you can own. However, while many life insurance companies generally have very little concern over the number of policies you own, they may look more closely at the total amount of your benefits.

How long does term life insurance last?

The applicant/insured wants a term life insurance policy that will last for 20 years and understands that the premium can be increased to a new premium level prior to the end of the term, so the producer should show him/her a (n): 20 year non-guaranteed level premium term life insurance policy.

What is the difference between a first to die and a last to die life insurance policy?

With first-to-die, the policy ends with a death claim after the first insured dies.

What is guaranteed universal life?

A Guaranteed Universal Life policy is also referred to as a (n): Universal Life with a No-Lapse Guarantee. A Guaranteed Universal Life policy is also referred to as 'Universal Life with a No-Lapse Guarantee'. First-to-die and last-to-die life insurance policies have in common all of the following, except:

How long is a limited premium?

Limited. With a Limited Payment, there is a number of premium payments, such as 20-pay, 30-pay or the premium is payable for a specified period of time, such as, to age 65, after which no further premium is required to be paid.

What is mortgage redemption insurance?

Mortgage redemption insurance. When credit life insurance is used to protect against the unpaid balance of a mortgage, it is commonly referred to as Mortgage Protection or Mortgage Redemption Insurance, as such, the amount of protection decreases along with the outstanding balance of the mortgage.

What is a life settlement broker?

A Life Settlement Broker, for a fee or commission, offers to negotiate life settlement contracts between the owner of a life insurance policy and: Life settlement providers.

What is credit life insurance?

Credit life insurance is used to pay off the outstanding balances of loans. The decreasing term protection is closely matched to the amount of the debt outstanding based on the loan repayment schedule. All of the following statements are true of a juvenile policy, except: The insured is the premium payor.

How much does life insurance cost in 80s?

Those buying life insurance in their 80s can pay over $1,000 a year for a $10,000 or $20,000 final expense or guaranteed issue policy. So you’ll skip the medical exam in exchange for high rates on low coverage.

What happens when you apply for life insurance?

When you apply for life insurance, your insurer will personalize your rates to your age, gender, medical history and lifestyle. To ensure you’re getting the best possible premium, compare life insurance companies.

Where is Katia Iervasi?

Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

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