Another name for permanent life insurance is

Question

Quizplus · Accepted Answer

Permanent life insurance is also known as whole life insurance because it covers the insured for their entire lifetime as long as premiums are paid. Option B is incorrect as renewable term insurance is a form of term insurance that can be renewed for another term without medical underwriting. Option C is incorrect as convertible term insurance allows the policyholder to convert their term policy into a permanent policy. Option D is incorrect as decreasing term insurance covers the policyholder for a decreased amount of coverage over time. Option E is incorrect as credit life insurance is a type of insurance that pays off a borrower's outstanding debts in the event of their death.

Another Name for Permanent Life Insurance Is