RIDE OR DIE
If a policy holder becomes disabled, this rider waives their premium payments
What is the waiver of premium rider?
The tax free lump sum payment to beneficiaries upon insured's death is called this
This type of life insurance provides coverage for a set number of years
What is term life insurance?
This personal characteristic, often checked during underwriting, is one of the biggest factors in determining premiums.
What is age?
John just bought a house and got married. He wants straight coverage only that lasts until his mortgage is paid off. What type of policy should he get?
What is a term life policy?
This rider allows policyholders to purchase additional coverage later without providing insurability
What is the guaranteed insurability rider?
Whole life insurance has this unique feature that allows policyholders to borrow against their policy?
What is cash value?
Unlike term life, this type of life insurance builds cash value over time
What is whole life insurance?
Smokers typically pay higher life insurance premiums due to this increased risk
What is a shorter life expectancy?
Sarah is a stay at home parent. Her spouse is the main breadwinner but she still wants coverage. Why might she need life insurance?
What is to cover childcare costs, household duties, or future expenses?
This rider ensures a child can be added to the parent's life insurance policy
What is the child term rider?
If a policyholder takes out a loan against their life insurance and doesn't pay it back, this happens to the death benefit.
What is: it is reduced by the amount of the loan?
This is the person or entity that receives the death benefit when the insured passes away.
What is a beneficiary?
Life insurance medical exams typically measure these two key health indicators
What are blood pressure and cholesterol?
Mark is a business owner with a business partner They want a plan that ensures their company can continue if one of them passes away. What type of policy could help?
What is a buy-sell agreement funded by life insurance?
This benefit covers the life of the purchaser on a juvenile life insurance policy. It provides automatic payment of premiums on a juvenile's policy up to age 25 in the event the owner dies or becomes disabled as defined in the policy.
What is a payor rider?
This option allows a beneficiary to receive payouts over time instead of a lump sum
What are installment payments?
The length of time you have to pay premiums before your policy lapses is known as this.
What is the grace period?
A high risk job like skydiving instructor or deep sea diver might result in this kind of premium
What is a higher premium or table rated policy?
Lisa has had a whole life policy for 15 years and needs extra cash for an emergency. What can she do with her policy?
What is take a loan or withdraw from the cash value?
This rider provides insurance protection with a level premium for the first 10, 20, or 30 years depending on the coverage purchased for the principal insured or additional insured.
What is a term rider?
When a policyholder decides to cancel their permanent life policy, the cash value they receive is often reduced by this fee.
This contract offered by life insurance companies helps save for retirement and ensure you don't outlive your money
What is an annuity?
If an applicant has a pre existing condition, an insurer may do one of these two things to the policy
What is increase premiums or decline the application?
Maria is 28 years old and just bought a new house. She wants something that won't break the bank yet at the very least, covers her loan & still saves for retirement, as those are her main concerns. What policy should she get?
What is a return of premium?