You are putting $300 per month into a 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 provides coverage for a specific period of time, typically the term of the policy, at a lower cost than whole life or universal life insurance. In this case, since the concern is about providing for the child's education if the policyholder passes away before saving enough money, term life insurance would be the best option as it provides coverage for the time period when savings are being accumulated. Additionally, the lower cost of term life insurance means that more of the monthly savings can be put towards the child's education fund.

You Are Putting $300 Per Month into a Savings Account