You are putting $100 a month into a passbook savings account to pay for your child's college education.You worry that if you die before you get enough saved,your child will not be able to get a college education.Which of the following types of life insurance would best fit your needs at the lowest cost?

Question

Quizplus · Accepted Answer

Decreasing term insurance provides coverage for a specified period of time and the death benefit decreases over time. This type of insurance is often used to cover a specific debt, such as a mortgage or business loan. In this scenario, you only need coverage until your child completes their college education, so the decreasing term policy provides the necessary coverage at a lower cost compared to whole or universal life insurance.

You Are Putting $100 a Month into a Passbook Savings