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Life Insurance Quiz
Which Should You Buy, and How Much Do You Need?
By Teri Brown
2. The amount of life insurance a person buys should depend on:
a. Whether the individual is married and has a family. b. Whether, in the event of an untimely death, the remaining spouse would be able to sustain herself or himself without the other's income.
c. Planning appropriately for the cost of your children's care and for funding college education.
d. The amount of outstanding financial debt you have, such as the balance of an unpaid mortgage.
3. I don't have to worry about life insurance right now because I am young and healthy.
True or False? 4. There is only one kind of life insurance – the kind you get when you die.
True or False? 5. When deciding the amount of life insurance I need, I should only consider my income.
True or False? 6. I don't need to buy my own life insurance because my company covers me at work equal to one year of salary.
True or False? 7. I've got some health problems that I'm not going to disclose so I keep my premiums nice and low. They aren't going to check my health history if I say I am healthy.
True or False? How did you do?
1. All of the above "Life insurance provides financial security for your family and peace of mind from knowing that they will be provided for should an untimely death occur," McGrath says. "Average end-of-life expenses can total anywhere from $5,000 to $20,000. It's a large financial obligation to be shouldered by a client's loved ones."
McGrath also says that in addition to providing financial protection, various types of life insurance can also be used as a savings vehicle to assist in paying anticipated inheritance tax, and in preserving wealth and transferring it to your loved ones. Life insurance can also be used in a business to fund a buy/sell agreement between partners of a business.
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