Henry must make set premium payments on his insurance policy until he dies, and if he cancels the policy, he will receive the cash value. His plan is a _____ policy.

Question

Quizplus · Accepted Answer

Henry's policy requires him to make continuous premium payments until he dies, indicating that it is a whole life policy. Since he is required to make premium payments until he dies, and not for a limited time period, it is a continuous premium whole life policy. The other options (term life, limited payment whole life, viatical life, single premium whole life) do not fit the criteria of Henry's policy as described.

Henry Must Make Set Premium Payments on His Insurance Policy