LLQP (Life Licence Qualification Program) Practice Exam · Question
A client is seeking life insurance coverage that provides a death benefit for a specified period and offers the lowest initial premium outlay. Which type of life insurance policy would best meet these needs?
Term life insurance is designed to provide coverage for a specific period and typically has the lowest initial premiums compared to permanent policies because i
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Question: A client is seeking life insurance coverage that provides a death benefit for a specified period and offers the lowest initial premium outlay. Which type of life insurance policy would best meet these needs?
Answer options: ✅ Term life insurance
- Whole life insurance
- Universal life insurance
- Participating life insurance
Correct answer: Term life insurance
Explanation: Term life insurance is designed to provide coverage for a specific period and typically has the lowest initial premiums compared to permanent policies because it does not accumulate cash value.
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- A life insurance policy that offers lifelong coverage, a guaranteed death benefit, and a savings component tha
- Group benefits in Canada commonly include:
- Sarah, a 35-year-old marketing professional in Ontario, purchases a participating whole life insurance policy
- Mark, a 45-year-old business owner in British Columbia, has a Universal Life policy with a Level Cost of Insur
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