Kansas Funeral Director Practice Exam

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A life insurance policy in which premium payments continue until death or age 100 is called what?

Term Life Policy
Whole Life Policy
Universal Life Policy
Variable Life Policy

The correct answer is: Whole Life Policy

A life insurance policy in which premium payments continue until death or age 100 is referred to as a Whole Life Policy. This type of insurance provides lifelong coverage, as long as the premiums are paid, and is typically characterized by its fixed premium structure and a guaranteed death benefit. Whole life insurance also accumulates a cash value over time, which can be accessed by the policyholder through loans or withdrawals, enhancing its appeal as a long-term investment. In the context of different types of life insurance, Term Life Policies provide coverage for a specified period, while Universal Life Policies offer flexible premiums and death benefits but do not guarantee coverage beyond a certain age unless specified. Variable Life Policies involve investment components that share in the investment risk, affecting the cash value and the death benefit. Overall, these differences highlight the specific nature and advantages of a Whole Life Policy compared to other policies.