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

Question

Quizplus · Accepted Answer

Term life insurance would be the best choice for this situation because it provides coverage for a specific period of time (e.g. the length of time you are saving for your child's education) at a lower cost than whole or universal life insurance. It will provide a death benefit to your child in case you pass away before the savings goal is reached, ensuring that they can still afford a good education.

You Are Putting $100 Per Month into a Passbook Savings