Life Insurance Quiz

How much do you know about life insurance?

Take our life insurance quiz to test your knowledge!

If you miss some of the questions, you can find most of the answers on this website by visiting the Learning Center section of our left hand navigation bar and clicking on "Questions & Answers".


1. What is term life insurance?

a. life insurance for people  with stage 4 cancer

b. a life insurance policy that allows you to set all of the terms of the contract 

c. life insurance guaranteed to last you entire lifetime

d. life insurance that expires after a specified period of time 

 

2. What type of life insurance costs more?

a. Whole life insurance

b. Term Life insurance

c. Level Insurance

d. Renewable term life

 

3. Most Americans with a life insurance policy are:

a. under insured 

b. over-insured 

c. adequately insured 

d. all of the above  

 

4. Having a life insurance policy will benefit:

a. my spouse 

b. me 

c. my children 

d. all of the above 

 

5. You must take a medical exam to qualify for life insurance:

a. Always

b. Sometimes

c. Never

d. All of the above

 

6. How long does a term life insurance policy last?

a. Until you pass away – guaranteed for your entire lifetime.

b. Between 15 and 45 years.

c. For a period of 1, 5, 10, 15, 20, 25 or 30 years.

d. Up to age 100.

 

7. What type of life insurance offers the lowest rates?

a. Universal Life

b. Variable Life

c. Permanent Life

d. Term Life Insurance

 

8. Who is the person that receives the proceeds from your life insurance policy?

a. Someone you don’t know.

b. On old buddy from school.

c. The beneficiary you choose when purchasing your life insurance.

d. The next-door neighbor’s dog.

 

9. Most Americans think life insurance will cost:

a. More than expected

b. Much more than it really costs

c. Slightly less than it really costs

d. About what they expect to pay

 

10. In order to determine the rates they charge, insurance companies look at:

a. Potential dangerous hobbies

b. Tobacco use

c. Family health history

d. All of the above

 

Answer Key for Life Insurance Quiz

 1. b   2. a   3. a   4. d   5. b   6. c   7. d   8. c   9. b   10. d

 

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