An individual has just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to this situation?

A. Whole life
B. Variable life
C. Decreasing term
D. Universal life

Question

24-06-2024
Business

Answered

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An individual has just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to this situation?

A. Whole life
B. Variable life
C. Decreasing term
D. Universal life

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-06-24T19:42:02-04:00

Final answer:

Term life insurance is the most suitable option for individuals who have borrowed loans and need protection. It provides coverage for a specific term without cash value accumulation.

Explanation:

Term life insurance would be best suited for an individual who has just borrowed $10,000 on a 5-year installment loan requiring monthly payments. Term life insurance is a type of insurance that provides coverage for a specific period (the term), offering a death benefit to beneficiaries if the insured passes away during the term. Unlike whole life insurance, term life insurance does not accumulate cash value, making it a more cost-effective choice for protecting against the event of premature death.

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