increases person purchase life insurance quizlet

Which of the following increases the need for a person to purchase life insurance? quizlet

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An older man owns a life policy with a $50,000 death benefit. He took a $30,000 loan against the policy. Over 10 years, $10,000 in dividends was used to reduce premiums (billed at $4,000 per year). The cash value of the policy is $15,000 (net of loan). If he surrenders the policy, which of the following is true?
A. He will incur taxable gain or ordinary loss.
B. $15,000 ordinary income must be declared.
C. $5,000 ordinary loss may be declared.
D. $15,000 ordinary gain must be declared.
E. $5,000 ordinary income may be declared.

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What are the main reasons that people choose to purchase life insurance?

Top 10 Reasons to Buy Life Insurance.
Cover Burial Expenses. Sadly, even a basic funeral service can run upwards of several thousand dollars. ... .
Pay Off Debt. ... .
College Planning. ... .
Build Cash Value. ... .
Diversify Investments. ... .
Business Planning. ... .
Estate Taxes. ... .
Coverage is Affordable..

What are the main reasons that people choose to purchase life insurance quizlet?

The only reason a person would buy life insurance is to eliminate or substantially reduce the financial consequences of that person's death by providing income to his or her dependents.

What are 5 factors I need to consider when purchasing life insurance?

5 things to consider before purchasing life insurance.
Assess your insurance needs. ... .
Compare insurance policies. ... .
Choose a cover that you can afford. ... .
Evaluate the future of your insurance policy. ... .
Check the claim settlement history of the insurance company..

When determining your need for life insurance you should consider your?

The most common rule of thumb is purchasing a life insurance policy worth ten times your annual income. So, if you make $50,000 annually, you would need a $500,000 life insurance policy. This rule of thumb may work for some people, but it's always accurate.

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