William Penn Life, 2014 (49. évfolyam, 1-12. szám)
2014-04-01 / 4. szám
C*\ Moneywise with Jeff DeSantes What’s your life insurance IQ? Take this quiz to test your knowledge about this vital topic A RECENT SURVEY found that 70 percent of American consumers cannot pass a basic, 10-question quiz about life insurance. In fact, 55 percent of people who were quizzed answered more than half the questions wrong. Less than one percent answered all 10 questions correctly. Research shows that one reason why consumers do not own life insurance is that they do not understand the basics about life insurance. Take this quiz below to test your own insurance IQ. 1. Which of these is NOT one of the four major types of life insurance? a. Term life b. Universal life c. Guaranteed-issue life d. Whole life 2. When buying life insurance, you should always make sure you have: a. At least five times your annual salary. b. At least three times your annual salary c. Enough to fulfill the particular needs of your spouse and children until they are on their own. d. At least seven times your annual salary. 3. True or false: If you have a serious illness, you will not be able to buy life insurance. a. True b. False 4. When naming a beneficiary to your life insurance policy, it's usually best to name: a. Your spouse b. A trust c. Your estate 5. True or false: You've got free life insurance from your employer, so there's no sense in paying for more. a. True b. False 6. True or false: There's no such thing as term life insurance that pays you money if you live beyond the specified term. a. True b. False 7. True or false: You can never collect life insurance benefits before you die. a. True b. False 8. True or false: If you're diagnosed with a terminal illness within 90 days of purchasing a new life insurance policy, the company can cancel you if it returns all premiums paid. a. True b. False 9. Which of the following statements about term life insurance are correct? a. Rates are at an all-time low. b. Longer life spans for Americans have kept rates low. c. Rates are expected to go higher in the near future. d. All of the above. 10. Permanent life insurance: a. Combines a death benefit with a tax-sheltered savings plan. b. Features rates that change annually with the cost of living. c. Can be converted to term life at the request of the policy holder Knowing what you need and what to look for when purchasing life insurance can be overwhelming. Unless you know the finer points of your life insurance coverage, you could be left with another surprise. For example, you could have no coverage where you thought you had it, or you can have less coverage than you thought you had. Please call your WPA agent to help answer questions you may have about your coverage or a loved one's coverage. □ v-oi ‘9-6 ‘9-8 ‘9-Z ‘V-9 ‘9'S Vt ‘9Y ‘CVI O'I Ja«suV If you do not have a WPA agent, please call the Home Office at I -800-848-7366, ext. 120, and we can assist you in finding an agent who will serve you and your family by offering: • A Review of Your Needs • Life Insurance Protection • Tax-Deferred Annuities • • Juvenile Insurance Plans • Special Fraternal Benefits • 4 0 April 2014 0 William Penn Life
