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Chapter 13 - build a cash value Premiums to be paid monthly...

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Chapter 13: Life Insurance Chapter Objectives Describe the types of life insurance that are available Identify the factors that influence insurance needs Review the factors that affect life insurance premiums Examine the decision of whether to purchase life insurance Explain the settlement options that are available for beneficiary payments Background on Life Insurance Life insurance: insurance that provides a payment to a specified beneficiary when the policyholder dies Role of life insurance Maintain financial support for dependents Leave money for heirs Role of life insurance companies Provide coverage in exchange for premiums Types of Life Insurance Term insurance: life insurance that is provided over a specified time period and does not
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Unformatted text preview: build a cash value Premiums to be paid monthly, quarterly, semi-annually, or annually Premiums can be reviewed using the Internet Why premiums for term insurance vary The longer the term, the higher the premium The older the policyholder, the higher the premium The greater the amount of insurance coverage, the higher the premium Premiums higher for males than females Premiums higher for smokers Premiums higher for those with medical problems • Focus on Ethics: Applying for Life Insurance Applications for life insurance require completion of a detailed application It may be tempting to omit or alter information that may result in higher premiums If discovered, your benefits could be eliminated...
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