What additional coverage can be added to a whole life policy?
The correct answer is "Decreasing term rider". A decreasing term rider can add additional coverage to a whole life policy.
What are some of the benefits of whole life insurance policy?
A key benefit of whole life is that it's considered a permanent life insurance policy. It's meant to provide you with a lifetime of coverage protection with premiums that won't increase, won't expire after a specific number of years, and can't be cancelled due to health or illness.
What is sum assured vs death benefit?
Now, in traditional plans, sum assured usually means the minimum guaranteed amount payable on maturity. But as for death benefits they are paid as higher of the sum assured or 10 times the annual premium if you are below 45 years, or 105% of the premiums paid till date.
What are some of the benefits of whole life insurance policy quizlet?
It provides guaranteed death benefit protection for the insured's whole life. No matter when the insured dies, the policy pays the face amount stated in the policy. Under most whole life policies, the covered lifespan extends to age 120. It includes a guaranteed cash value that gradually builds inside the policy.