10. Key features of life insurance policies Aa Aa The following is an excerpt from a hypothetical conversation between an insurance agent and a client who is in the final stages of purchasing a $200,000 whole life insurance policy. Fill in the blanks to provide the correct information regarding key features of life insurance policies. Agent: We need to discuss a few things before finalizing your policy. First, the beneficiary clause. Who would you like to name as your primary beneficiary, that is, the person who will receive the entire death benefit Client: That would be my wife, Susan. Agent: will go to your secondary beneficiaries. Who Okay, and if she does not outlive you, all benefits will those be? Client: My children. Agent: Excellent. Now, how would you like your benefits to be distributed? We offer lump sum, interest-only, fixed-period, fixed-amount, and life-income payments. Client: Well, I'd like my beneficiaries to receive payments for the rest of my wife's life. Agent: In that case al option Client: Now what about loans. If I take out a loan against my policy, what happens if I die before paying it back? Agent: Client: Got it. Anything else? Agent: You're all set!