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Types of Life Insurance Video Lecture | IBPS PO Prelims & Mains Preparation - Bank Exams
FAQs on Types of Life Insurance Video Lecture - IBPS PO Prelims & Mains Preparation - Bank Exams
| 1. What are the main types of life insurance policies available? |  |
Ans. The main types of life insurance policies include term life insurance, whole life insurance, universal life insurance, and variable life insurance. Term life insurance provides coverage for a specific period, while whole life insurance offers lifelong coverage with a cash value component. Universal life insurance combines flexible premiums and death benefits, and variable life insurance allows policyholders to invest the cash value in various investment options.
| 2. How does term life insurance differ from whole life insurance? | |
Ans. Term life insurance is designed to provide coverage for a specific period, typically ranging from 10 to 30 years. It pays a death benefit only if the insured passes away during that term. Whole life insurance, on the other hand, offers lifetime coverage and includes a cash value component that grows over time. Whole life policies generally have higher premiums compared to term policies due to their lifelong coverage and cash value accumulation.
| 3. What factors should be considered when choosing a life insurance policy? | |
Ans. When choosing a life insurance policy, consider factors such as your age, health status, financial obligations, the amount of coverage needed, and your budget for premiums. Additionally, assess the policy types available, the insurer's reputation, and any additional benefits or riders that may be important for your specific needs.
| 4. Can I convert my term life insurance policy to a whole life policy? | |
Ans. Yes, many term life insurance policies offer a conversion option that allows policyholders to convert their term policy into a whole life policy without undergoing a medical exam. This feature is beneficial for individuals whose health may have declined since they initially purchased the term policy, ensuring they can maintain coverage.
| 5. What is the significance of the cash value in whole life insurance? | |
Ans. The cash value in whole life insurance is a savings component that accumulates over time, providing policyholders with a financial asset they can borrow against or withdraw from if needed. The growth of the cash value is typically tax-deferred, and it can be used for various purposes, such as funding emergencies or supplementing retirement income. However, withdrawals may reduce the death benefit.
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