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Life Insurance 

Do You Know the Answers to This Life Insurance Basics Quiz?

Life insurance is an important buying decision.  You want to make sure you understand what you’re getting, or else it may affect your loved ones.  This True or False quiz will test your basic life insurance knowledge.

Questions

  • True or false? In order for your spouse to get life insurance money if you die, he or she needs to be the owner of your policy.
  • True or false? If you buy a term policy with a 20-year term length, your coverage expires in 20 years.
  • True or false? Your life insurance coverage must equal 10 times your income.
  • True or false? If you have life insurance through your job, you don’t need a personal life insurance policy.
  • True or false? You get your money back if you don’t die before your term policy ends.
  • True or false? You can buy life insurance on your next-door neighbor.
  • True or false? Your policy premiums increase each year.
  • True or false? Term life insurance is less expensive than whole life insurance.
  • True or false? You can name your dog as your life insurance policy’s beneficiary.
  • True or false? You need to have a medical exam in order to buy life insurance.
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    Answers

    1.  True or false?  In order for your spouse to get life insurance money if you die, he or she needs to be the owner of your policy.  False.

    You can be the owner of your own policy.  The individual who receives a death benefit if you die is the beneficiary.  You can be both the owner and the insured and your spouse would be listed as beneficiary.

    Learn more about policy ownership in this blog: 

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