New York State Life Insurance Exam Questions Practice Question
An insured owns a whole life insurance policy on himself. He would also like coverage for his minor son and/or daughter. One way the insured can accomplish this goal is to purchase a
Correct Answer: A
Rationale: A child term rider is specifically designed to provide coverage for the insured's minor children, making it the most suitable option for adding coverage for a son or daughter under a whole life policy.
The family income rider primarily provides income replacement in the event of the insured's death, rather than direct coverage for children.
The family maintenance rider offers a combination of life insurance and income benefits but does not extend coverage to children.
The guaranteed insurability rider allows the insured to purchase additional coverage in the future without medical underwriting, but it does not specifically cover children.
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