What is the main purpose of term life insurance?
Term life insurance provides financial protection for a specified period at a fixed rate.
Which insurance type combines a death benefit with a savings component?
Whole life insurance includes both insurance protection and a cash value savings element.
What is an annuity primarily used for?
Annuities are designed to provide a steady income stream, often during retirement.
Which insurance covers medical expenses for illness or injury?
Health insurance helps pay for medical costs such as doctor visits, surgeries, and prescriptions.
What is a deductible in an insurance policy?
A deductible is the amount the policyholder must pay before insurance coverage starts.
Which type of insurance is required by law for vehicle owners in most states?
Auto liability insurance is mandated to protect others in case of an accident.
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What does disability insurance provide?
Disability insurance replaces a portion of income when a policyholder is unable to work due to illness or injury.
Which product is best suited for estate planning?
Universal life insurance provides lifelong coverage and flexible premiums, making it useful in estate planning.
What is the cash surrender value of a policy?
It is the amount a policyholder receives if they cancel a permanent life insurance policy before maturity.