Question 1 of 20
Traditional whole life products
What is the defining feature of a traditional whole life insurance policy?
- A. It provides coverage for a set term and then expires
- B. It provides lifetime protection with a level premium and builds cash value
- C. It provides coverage only if the insured becomes disabled
- D. It provides coverage that increases in cost each year
Reveal answer
Answer: B. It provides lifetime protection with a level premium and builds cash value
Traditional whole life offers permanent, lifetime coverage with a premium that stays level and a guaranteed cash value that grows over time. Term insurance expires after a set period, so that choice describes term, not whole life. Disability coverage describes a different kind of product, not life insurance. Premiums that increase yearly describe annually renewable term, not whole life.
Types of Policies (General Knowledge) > Traditional whole life products