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keyone keyone
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7 years ago
Kayla buys a whole life policy when she is 40 and pays premiums on it until she is 60. She decides to retire at 60, has no dependents and no debts, and realizes she really doesn't need the death protection any longer. She is now concerned about generating a lifetime income during her retirement. What option does a whole life policy typically offer that could best help her with this financial need?
A) Forfeiture of coverage provision (she can surrender the policy and take the cash)
B) Paid up whole life option (use the cash value to buy a paid-up whole life with a lower face value)
C) Annuity conversion option (buy an annuity from the insurer with her cash value)
D) None of the above
Textbook 
Introduction to Risk Management and Insurance

Introduction to Risk Management and Insurance


Edition: 10th
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giddugiddu
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7 years ago
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