Under the life income option, the amount received by the beneficiary depends on the and attained of the individual receiving the benefits at the time of the insured's death.

The amount received after giving up a whole life type of insurance policy is called the:

Death benefits vary with a variable life insurance policy, however a minimum death benefit:

Fill in the Blank QuestionFill in the blank question.When considering life insurance, you should consider present and sources of income.

Which of the following statements about the ‘Life Insurance’ section of the lecture material are TRUE:If income protection (or salary continuance) is taken out inside superannuation, it can be cheaper than a similar policy taken outside of superannuation. However, if taken outside of superannuation, the premiums are often tax deductible and there may be less of a problem from losing benefits when transferring between different superannuation funds.Income protection can replace a portion of a person’s income if they have an accident or illness that prevents them from working. After the accident or illness occurs, the person can nominate whether to wait between 14 and 90 days until the benefit starts. They can also decide on a benefit period of between 2 years and all the way until age 65.Question 7AnswerNeither of the statements are true (both are false)Only statement 1 is trueOnly statement 2 is trueBoth statements are true (neither are false)

Fill in the Blank QuestionFill in the blank question.If a person leaves their benefits to the insurance company, the company acts as a of the money and pays the interest to the beneficiary.