Copyright

Ch 1: Types of Life Insurance Policies

About This Chapter

Watch these short and engaging lessons to study different types of life insurance policies as you prepare for an exam or refresh your insurance knowledge. This self-paced chapter can be accessed on any computer or mobile device, and you can take the included practice quizzes to test your knowledge of the material.

Types of Life Insurance Policies - Chapter Summary

This collection of bite-sized lessons explains the purposes, features and benefits of different life insurance policies. Our expert instructors explain the differences between life insurance types, including whole, term, convertible, renewable, combination and annuities. You'll also learn about specific insurance needs of different groups of people. After completing the lessons in this chapter, you'll be equipped to:

  • Differentiate between different types of whole life insurance
  • Understand how term life insurance helps different people
  • Outline convertible and renewable term life insurance features
  • Describe two types of annuities and their benefits
  • Explain the difference between single and flexible premium annuities
  • Assess joint and survivorship life insurance plans

Each lesson in this chapter is designed to be concise, engaging and straightforward. This simplified instructional approach helps you quickly comprehend the most important life insurance definitions and concepts. After completing a lesson, you can reinforce what you've learned by taking the included self-assessment quizzes. Our expert instructors are happy to answer any questions you may have and you can print the text lessons to supplement your study. We've also made these lessons accessible on any computer or mobile device, which enables you to study wherever it's convenient, whether you're at school, in the office or on-the-go.

6 Lessons in Chapter 1: Types of Life Insurance Policies
Test your knowledge with a 30-question chapter practice test
What is Whole Life Insurance? - Definition & Types

1. What is Whole Life Insurance? - Definition & Types

Being financially prepared at death gives your family one less thing to deal with. That is the main purpose of life insurance. In this lesson, you'll learn about the different types of whole life insurance.

Term Life Insurance: Definition & Forms

2. Term Life Insurance: Definition & Forms

After reading this lesson, you will become more familiar with the different types of term life insurance that you can choose from. You will learn how each is designed to meet specific needs of different people.

Term Life Insurance: Convertible & Renewable Features

3. Term Life Insurance: Convertible & Renewable Features

In this lesson, we'll explore how convertible and renewable features included with some term life insurance policies offer risk management solutions for people who may be worried about their ability to get insurance later in the future.

Annuities: Types & Benefits

4. Annuities: Types & Benefits

In this lesson, we'll define annuity and learn about the two main types of annuities. We'll also discuss three annuity investment options, including the benefits and disadvantages of each.

Single vs. Flexible Premium Annuities

5. Single vs. Flexible Premium Annuities

We all want to ensure we have enough money to live on after we retire. Annuities provide us with regular income. In this lesson, you will learn about single and flexible premium annuities.

Combination Life Insurance Plans: Joint & Survivorship

6. Combination Life Insurance Plans: Joint & Survivorship

Individuals seeking life insurance coverage can purchase it individually or with a spouse. In this lesson, you will learn about combination life insurance plans.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Support