Life Insurance and Retirement Planning Quiz
Test your knowledge on life insurance & retirement planning. Learn about policies, annuities, 401(k), IRAs, beneficiaries & more!
#1
Which of the following is a key benefit of life insurance?
Guaranteed investment returns
Income replacement in case of death
Free financial advice
Discounts on grocery shopping
#2
What role does the 'beneficiary' play in life insurance policies?
Determining premium amounts
Receiving the death benefit
Managing cash value investments
Setting policy expiration date
#3
What is the primary purpose of a term life insurance policy?
Building cash value over time
Providing coverage for a specific term
Ensuring lifetime coverage
Offering investment opportunities
#4
In retirement planning, what does the '401(k)' refer to?
A type of life insurance policy
A government assistance program
An employer-sponsored retirement savings plan
A health insurance plan for seniors
#5
Which type of life insurance provides both death benefit and cash value accumulation?
Term life insurance
Whole life insurance
Universal life insurance
Variable life insurance
#6
What is the 'rule of 72' commonly used for in financial planning?
Calculating life expectancy
Estimating investment returns
Determining insurance premiums
Planning retirement age
#7
What is the 'Social Security Full Retirement Age' for someone born in 1960 or later?
#8
What is an annuity in the context of financial planning?
A type of retirement account
A one-time lump sum payment
A monthly pension provided by the government
A series of periodic payments over time
#9
What is the concept of 'long-term care insurance' related to?
Coverage for short-term medical expenses
Protection against identity theft
Insurance for extended medical and personal care
Insurance for travel emergencies
#10
In retirement planning, what is the purpose of a 'Roth IRA'?
Tax-free withdrawals in retirement
Guaranteed minimum interest rate
High-risk investment opportunities
Early withdrawal penalties
#11
What is the primary goal of retirement income planning?
Accumulating the largest possible nest egg
Ensuring a steady income stream in retirement
Minimizing tax liabilities
Speculative investment for high returns
#12
What is the purpose of a 'living benefit rider' in a life insurance policy?
Increasing the death benefit
Providing coverage for disabilities
Accelerating the death benefit in case of terminal illness
Ensuring lifetime coverage
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