Whole life I
Whole Life Insurance is characterized by which feature?
Lifetime coverage with level premiums
Reinstatement allows a policyowner to
Restore a lapsed policy
If a policy is surrendered, what happens
The policy ends and any remaining cash value may be paid out
Which feature distinguishes Whole Life Insurance from Term Life Insurance?
Cash value accumulation
Reinstating a policy usually requires
Payment of missed premiums, often with interest
Premiums in a Whole Life policy are generally
Level and fixed for life
Cash value in a Whole Life policy typically
Grows on a guaranteed basis
Which feature allows policyowners to access cash value without surrendering the policy?
Policy loan
Who receives the death benefit from a Whole Life policy?
beneficiaries
When can excess credits be applied to a policy?
What happens if a policy loan is not repaid?
The loan is deducted from the death benefit
Policy will be terminated in the long run
Whole Life Advantage generally emphasizes
Enhanced growth, flexibility, and long‑term value
A policy is considered lapsed when
Premiums are not paid within the grace period
Loan interest in a Whole Life policy
Accrues on the outstanding loan balance
Which feature is typically guaranteed in traditional whole life policies?
Death benefit