7. Which of the following is not a tax benefit of cash value life insurance?

1. death benefits are not taxable income
2. life insurance premiums paid are tax deductible.
3. the annual increase in the cash value while the policy is in force is not taxed.
4. returns earned on the savings component are tax deferred until surrender.

8. Annuity contracts provide insurance against the risk of:

1. death
2. retirement
3. outliving your financial assets
4. none of the above