Question
Jasmine is considering purchasing a $500,000 life insurance policy. Jasmine is a 51- year-old married mother of three children. She was recently diagnosed with osteoarthritis.
Jasmine is considering purchasing a $500,000 life insurance policy. Jasmine is a 51- year-old married mother of three children. She was recently diagnosed with osteoarthritis. Which statements about Jasmine's options are accurate? Select all that apply.
Policy A is the best option because it is the cheapest term life policy. Whole life insurance is the best option because of Jasmine's age. Policy C is the best option because it is the cheapest whole life policy. Term life insurance is the best option because of Jasmine's age. Policy D is the best option because the term is convertible. Policy B is the best option because it pays dividends.
Policy A Policy B Policy C Policy D Term or whole Term Term Whole Whole Death benefit $500,000 $500,000 $500,000 $500,000 Protection period 15 years | 20 years Life Life Cost per year $500 $504 $8000 $9200 Proceeds paid to beneficiaries Yes Yes Yes Yes Convertible term No No No No Dividends No Yes Yes YesStep by Step Solution
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