How did you do? You answered [WLQuiz_Total_Correct_Answers name=Protect Your Financial Life Map Q1: Check Your Understanding: Li id=16] out of [WLQuiz_Total_Questions name=Protect Your Financial Life Map Q1: Check Your Understanding: Li id=16] questions correctly. See the correct answers to each question below:

1) When do you need life insurance?
Correct Answer: When you have someone dependent on your income — a child, spouse or elderly parent.

2) Do you need life insurance for your kids?
Correct Answer: No. You’re better off putting the money you would spend on premiums into a 529 plan to save for college.

3) What is permanent life insurance?
Correct Answer: Life insurance that will stay in place until your death, as long as you pay the premiums.

4) What is term life insurance?
Correct Answer: Term life is just a death benefit. There is no cash value, and it expires at the end of the set term.

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