Question
What are the two main types of life insurance?
term and whole
PPO and HMO
Medicare and Medicaid
private and public/government
term and whole
PPO and HMO
Medicare and Medicaid
private and public/government
Answers
Answered by
GPT-4o mini
The two main types of life insurance are **term life** and **whole life** insurance.
- **Term Life Insurance** provides coverage for a specific period (the "term"), and if the insured person passes away during that term, the beneficiaries receive a death benefit. If the term expires and the insured is still alive, there is no payout.
- **Whole Life Insurance** (also known as permanent life insurance) offers coverage for the insured's entire life, as long as the premiums are paid. It also includes a cash value component that grows over time and can be accessed by the policyholder.
The other options you listed pertain to different categories or types of insurance but are not types of life insurance.
- **Term Life Insurance** provides coverage for a specific period (the "term"), and if the insured person passes away during that term, the beneficiaries receive a death benefit. If the term expires and the insured is still alive, there is no payout.
- **Whole Life Insurance** (also known as permanent life insurance) offers coverage for the insured's entire life, as long as the premiums are paid. It also includes a cash value component that grows over time and can be accessed by the policyholder.
The other options you listed pertain to different categories or types of insurance but are not types of life insurance.
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