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Life Insurance Awareness Month Quiz - Win an iPod Shuffle

September is Life Insurance Awareness Month. To celebrate USAA and MilitaryAvenue are joining forces to give away an iPod shuffle to one lucky winner! Simply COMMENT on our note at Facebook with your answers / "best guess" to the following questions. We will draw a random winner from those COMMENTS made by Sept 30th and announce our winner on Oct 3rd.   Have fun!


Life Insurance Awareness Month Quiz
Courtesy of USAA
1.       True or false. All active duty service members and Guard or reserves who are in a drilling status qualify for group life insurance.
a.       True
b.      False

2.       Servicemembers’ Group Life Insurance stops:
                    a.       90 days after you return from deployment.
b.      120 days after you leave the military.
c.       One full calendar year after you leave the military.
d.      There is no stop date.

3.       True or false. Life insurance can provide tax advantages for your beneficiaries—there's typically no federal income tax on the money they receive.
a.       True
b.      False

4.       Life insurance premiums can vary, but generally the premiums are lower if:
a.       You sign up for a policy before age 35
b.      You have more than four people in your family
c.       You are younger and healthier
d.      You

5.       True or False. If you are planning to leave the military, you should start shopping for life insurance about two months ahead of your planned retirement or separation date.
a.       True
b.      False


6.       True or false. If you had free coverage for your children under Servicemembers’ Group Life Insurance, then you will also get free coverage under a new policy.
a.       True
b.      False

7.       Servicemembers’ Group Life Insurance (SGLI) provides:
a.       Up to $400,000 of term life insurance protection while you are on active duty, or are in the National Guard or reserves; $100,000 of coverage for your spouse and $10,000 for each child.
b.      Up to $400,000 of term life insurance only while you are on active duty, and $100,000 of coverage for your spouse and $10,000 for each child.
c.       Up to $200,000 of term life insurance protection while you are on active duty, or are in the National Guard or reserves; $100,000 of coverage for your spouse and $10,000 for each child.
d.      Up to $200,000 of term life only while you are on active duty and $100,000 of coverage for your spouse and $10,000 for each child.

8.       To replace SGLI coverage after you leave the military, you can either:
a.       Only convert your SGLI to Veterans Group Life Insurance (VGLI)
b.      Convert your SGLI to Veterans Group Life Insurance or Purchase your own term or permanent life insurance policy
c.       Only purchase  your own term or permanent life insurance policy after 120 days of separation from the military
d.      Convert your SGLI to VGLI and then purchase your own term or permanent life insurance policy.

9.       VGLI and SGLI policies differ in the following ways (pick two):
a.       VGLI premiums are much lower, but increase rapidly as you age
b.      You cannot insure your spouse or children through a VGLI
c.       VGLI premiums are higher than for SGLI, and they increase as you age
d.      You can insure your spouse, but not children through a VGLI
10.   True or false. Unlike term life insurance, most permanent life insurance policies are designed to build cash value.
      a. True
      b. False
USAA Life Insurance Company, San Antonio, TX and USAA Life Insurance Company of New York, Highland Falls New York.

So how did you do?  Did you learn anything? Even as I get older I still love learning something new every day.  This little quiz was well worth the few moments of time for me.  Don't forget leave your 10 answers as a comment here to be entered in our contest!  (Do it by September 30th)

Here are some more resources on this important topic:

 - Leanne from MilitaryAvenue.com


2 comments:

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  2. Thanks for this quiz. There are some questions that I am not familiar with though I already have a life insurance. It is very important to fully understand the terms and conditions of your insurance.

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