Question

With term life insurance, there is usually a maximum age above which coverage will not be offered or at which coverage cannot be renewed.

a) True
b) False

Answer 1

Term life insurance often has a maximum age limit after which coverage will not be offered or renewed.

Step-by-step explanation:

Term life insurance is a type of life insurance that provides coverage for a specific period of time, usually a set number of years. With term life insurance, there is often a maximum age above which coverage will not be offered or cannot be renewed. This means that if someone reaches a certain age, they may no longer be eligible for coverage or their existing coverage may not be renewed.

For example, let's say a term life insurance policy has a maximum age limit of 80. If an individual is 79 years old and wants to renew their policy, they may not be able to do so because they have reached the maximum age limit. Similarly, if someone is 81 years old and wants to purchase a new term life insurance policy, they may not be eligible because they have already exceeded the maximum age limit.

Therefore, the statement 'With term life insurance, there is usually a maximum age above which coverage will not be offered or at which coverage cannot be renewed' is true.