Which of the following best describes term life insurance, on brainly, weegy, best info 2021

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What is term life insurance?

We are here to answer any questions you may have about term insurance. In essence, term life insurance is an agreement between the policyholder (insured) and the insurance company, wherein, in the event of the insured person’s untimely death, a specific sum is paid to the insured person’s family by the insurance company. It is important for you to plan ahead for the future when you purchase term plans.

Understanding what term insurance is also involves knowing that it is the purest type of life insurance policy that offers comprehensive financial protection for your family against unexpected events.

In the event that you die within the policy period, your family will receive a life insurance payout or sum assured, depending on the term insurance plan you buy. Learn about what is term insurance and the many benefits and features it offers.

Which of the following best describes term life insurance
Which of the following best describes term life insurance

Which of the following best describes term life insurance

Don’t know where to begin with life insurance? Are you thinking about purchasing it, but don’t know how? One of the more common questions we get at Low Cost Life Insurance is, “Which of the following best describes term life insurance?”.”

  1. The insured is covered during his or her entire lifetime.
  2. The insured pays the premium until his or her death.
  3. The insured pays a premium for a specified number of years.
  4. The insured collects interest on the value of the policy.

The answer? Choice #3. Here’s why:

Term life insurance has a set duration

As opposed to answer #1, term life insurance policies can last anywhere from one to thirty years. Having the ability to specify the exact amount of coverage and duration of coverage is fantastic. A whole life policy, however, will cover you for the entirety of your life, but will have a much higher financial cost.

Term life insurance covers you during the most important years of your life

If you are about to make a life-changing decision, now is the time to get term life insurance. It is a good idea to take out a policy if you are going to start a family, get married, start a business, or switch your profession.

Term life insurance protects your family during these years and offers the flexibility to either continue the policy, or discontinue payments later on.

By getting term life insurance, you can save money that can be put into growing accounts

Answer #4 refers to a cash-value savings account that is tax deferred with a whole-life or universal life insurance policy. The longer you hold the account, the more money you’ll accumulate. Nevertheless, we believe you will benefit the most from a term life insurance policy.

Rather than putting additional income into a savings account, you should invest it in stocks, bonds, mutual funds, and IRAs. Savings accounts generally offer low interest rates, so overall, they are not a good investment.

Decreasing term life insurance rates

What Is Decreasing Term Insurance?

A decreasing term policy is term life insurance with a predetermined reduction rate in coverage as the policy is renewed. Monthly or annual reductions in coverage are usually part of the contract, and premiums remain constant. There are a variety of time frames depending on the insurer and the plans they offer, ranging from 1 year to 30 years.

Understanding Decreasing Term Insurance

In theory, term insurance costs decrease as a result of particular liabilities and corresponding insurance needs decreasing with age. Mortgage life insurance is a popular way of obtaining decreasing term insurance, since the benefit of these policies is linked to the remaining mortgage on the insured’s home.

If a person has a dependent family, decreasing term insurance may not suffice for their life insurance needs alone. The death benefit of standard term life insurance policies remains constant during the policy’s term.

KEY TAKEAWAYS

  • Term life insurance with decreasing premiums is often purchased for the purpose of protecting personal assets.
  • The cost of term life insurance is decreasing, reducing the cost of whole life and term policies.
  • Term life policies with decreasing maturities are similar to mortgage amortization schedules.

Term life insurance described in various question & answer website

Which of the following best describes term life insurance brainly

a. The insured can borrow or collect the cash value of the policy.

b. The insured pays a premium for a specified number of years.

c. The insured pays the premium until his or her death.

d. The insured is covered during his or her entire lifetime

Answer:

“The insured pays a premium for a specified number of years.” the best description of term life insurance is that “b. The insured pays a premium for a specified number of years.”. It is an insurance policy where the insured pays a premium for a specified period of time.

Which of the following best describes term life insurance weegy

There is a specified number of years for which an insured must pay a premium.

Colonial life short term disability insurance

A person in their prime doesn’t expect to become ill or injured. Things can change in an instant, however. Disability insurance from Colonial Life can help protect your income if the unexpected happens.

How Colonial Life disability insurance works

After an accident or illness, paying your bills should be the last thing on your mind. Depending on your eligibility, you may receive financial assistance for up to 2 years, so you can focus on what’s important: recovering and returning to work.

In addition to offering disability benefits, Colonial Life offers a variety of optional provisions to pay for psychiatric conditions, psychological disorders and hospitalization. A variety of benefit amounts are available to meet your needs. No matter what your choice of benefit amount or policy, you will receive:

Regardless of any existing insurance coverage you have, payments are made directly to you on a monthly basis

Payments such as rent, house payment, car payment, utilities, credit card bills, travel expenses and more can be made with this card

If you return to part-time work, this position may be available

Ability to keep the job if you switch jobs

For more information and to choose the right plan for you, contact a Colonial Life benefits counselor.

Examples of how disability insurance can help

Lewis: heart surgery

He had to take an unpaid leave after surgery after suffering a heart attack. Having disability insurance allowed him to secure the savings he set aside to give his daughter the wedding of her dreams during his recovery.

Emily and Brian: maternity leave

Emily spent her disability insurance benefits on ongoing expenses when she took leave after having a baby so that she and Brian could avoid tapping their savings.

Ashley: leg injury

While jogging, Ashley injured her leg, so she took a week off from work, paying rent and student loan payments using her disability insurance.

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