| Easy Rider | Facts of Life | Type Cast | Live Long & Prosper | Safe Money |
|---|---|---|---|---|
|
What is the medical requirement for the Terminal Illness Rider?
24 months or less to live.
|
Who needs life insurance?
Anyone who owns a home, has dependent children, plans to start a family or could leave a spouse or family with debt.
|
What are two characteristics of Term Insurance?
No cash value and increasing premium.
|
What is annuitization?
Surrendering/trading your account value to an insurance company in return for lifetime income.
|
What is Cost Basis?
A contract owner's initial, or ongoing, investment in an annuity of after tax money.
|
|
Where does the ABR money come from?
From the Face Amount
|
What is Life Insurance?
This protects you family against the loss of your income in the event of your death, it also helps cover funeral and household expenses.
|
What is Term Insurance?
Guaranteed coverage for a specific period of time or to a specific age as long as premiums are paid.
|
What is a Guaranteed Lifetime Income Rider?
It supercedes annuitization and allows you to maintain control of your account balance during account liquidation.
|
What is the FDIC?
A US federal agency that insures deposits made into member banks and savings and loans up to $250,000 per person/per institution.
|
|
What is another name for the Terminal Illness Rider?
ABR 1
|
What are riders?
Policy features that are optional, often require additional premium, and may not be available in all states.
|
What is Universal Life?
This coverage allows you to adjust the face amount and/or premiums paid throughout the life of the policy.
|
What is a traditional fixed annuity?
Offers a declared fixed interest rate that is guaranteed for a specific period and guaranteed to never go below a specific percentage.
|
What is not covered by FDIC?
Other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities or securities.
|
|
What Accelerated Benefit Rider is still pending DOI approval in California?
The Chronic Illness Rider
|
What are policy loans and withdrawals?
They reduce a policies cash value and death benefit, and may result in a taxable event.
|
What are three types of Universal life policies?
Variable, Fixed & Indexed
|
What is a fixed indexed annuity?
Offers an interest rate that's credited to (and locked into) your annuity contract that's also linked to specific market indices that you can choose on an annual basis.
|
What are qualified funds?
Funds in an account that have not been taxed.
|
|
What is the elimination period for the Terminal Illness Rider?
0 days
|
What is the difference between premiums and contributions?
One is paid to an insurance company in return for a death benefit, the other is given to an insurance company to place in a potential growth account.
|
What is the common abbreviation for Indexed Universal Life?
IUL
|
What is a SPIA?
Offers the quickest guaranteed income stream ranging from a specific period of time to your entire life after a one time deposit into an account.
|
What is the year after they turn 70 1/2?
Year in which participants in qualified retirement plans and owners of traditional individual retirement arrangements (IRAs) must begin to receive income.
|
Support Us on Ko-fi