Question

Which of the following statements is true about the premium payment schedule for a whole life policy?

A. Premiums are payable throughout the insured's lifetime, and coverage continues until the insured's death
B. Premiums are payable for a designated period of time only, after which coverage is no longer provided
C. Premiums are payable until the insured's retirement only, after which coverage is continued automatically until the insured's death
D. One premium, in the amount of the insured's choice, is payable at the time of application, and the balance of the premiums is deducted from the face amount of the policy at the time of the insured's death

Answer 1

The premium payment schedule for a whole life policy is that premiums are payable throughout the insured's lifetime, and coverage continues until the insured's death.

Step-by-step explanation:

The correct statement about the premium payment schedule for a whole life policy is option A: Premiums are payable throughout the insured's lifetime, and coverage continues until the insured's death.

Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire life. Premiums are paid regularly, usually on a monthly or annual basis, and are payable throughout the insured's lifetime. As long as the premiums are paid, the coverage continues until the insured's death.