Which statement is correct regarding the premium payment schedule for whole life policies? Archives - Management Notes

Which statement is correct regarding the premium payment schedule for whole life policies?

November 23, 2023September 26, 2022 by Smirti Bam

Which statement is correct regarding the premium payment schedule for whole life policies?

Which statement is correct regarding the premium payment schedule for whole life policies?

Options:

Premiums are payable throughout the insured’s lifetime/coverage lasts until death of the insured
Premiums are payable for a set period/coverage expires at that point
Premiums are payable until age 65/coverage lasts a lifetime
A single premium is paid at time of application/coverage lasts until retirement

The Correct Answer Is:

a. Premiums are payable throughout the insured’s lifetime/coverage lasts until death of the insured