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Planning Beginner: Introduction to Term Life Insurance

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1.
With term life insurance, "convertibility" refers to the ability to _______.
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Convert a term life policy to a whole life policy. This can be a useful option for some term life holders.
2.
When are term life insurance premiums less expensive than those of whole life insurance?
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In the early years of coverage. They then rise over the years and exceed those of whole life insurance.
3.
The coverage period for annual renewable term life insurance goes _______.
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Either for a certain number of years or up to a certain age. Coverage could be either of these, depending on how the policy is written.
4.
Which of the following does not factor into a term life insurance policy?
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Cash buildup for you. Cash buildup is not a part of term life insurance. It is a part of whole life insurance.
5.
The death benefit from term life insurance can be used for expenses such as _______.
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All of the above. Benefits can be used for these expenses and more.