Helen buys a universal life policy with $250,000 of coverage. Nineteen years after purchasing the policy, she passes away. She has a cash value amount of $21,231. Her beneficiary received death benefit proceeds of $271,231. What was the death benefit option Helen had selected? Group of answer choices Option A – Level Benefit Accidental Death Benefit Option Guaranteed Insurability Option Option B – Increasing Benefit
Helen buys a universal life policy with $250,000 of coverage. Nineteen years after purchasing the policy, she passes away. She has a cash value amount of $21,231. Her beneficiary received death benefit proceeds of $271,231. What was the death benefit option Helen had selected? Group of answer choices Option A – Level Benefit Accidental Death Benefit Option Guaranteed Insurability Option Option B – Increasing Benefit
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 22CE: Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary....
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Question
Helen buys a universal life policy with $250,000 of coverage. Nineteen years after purchasing the policy, she passes away. She has a cash value amount of $21,231. Her beneficiary received death benefit proceeds of $271,231. What was the death benefit option Helen had selected?
Group of answer choices
Option A – Level Benefit
Accidental Death Benefit Option
Guaranteed Insurability Option
Option B – Increasing Benefit
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