What is the primary purpose of life insurance quizlet?
The primary purpose of life insurance is to protect family members of the insured from financial loss in the event of his or her untimely death. Life insurance proceeds paid to your heirs are not usually subject to state or federal income taxes.
Who is the primary insured on a life insurance policy?
The first person, if you will, is the insured, whose life is being insured. That's the person that has to take the physical to get the policy. That's usually the person who's going to pay the premium. And every life insurance policy has a named insured.
What are the three primary elements in life insurance?
There are two primary categories of life insurance: term and permanent. Term life insurance lasts for a set timeframe (usually 10 to 30 years), making it a more affordable option, while permanent life insurance lasts your entire lifetime.
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- what is the primary benefit of life insurance
- what is generally considered the principal function of family life insurance planning