Rob purchased a standard whole life policy with a $500,000 death benefit when he was age 30. his insurance agent told him the policy would be paid up if he reached age 100. the present cash value of the policy equals $250,000. rob recently died at age 60. the death benefit would be

When the cash value of the whole life insurance policy of Rob is $250,000 when he dies at the age of 60, then the death benefit from such insurance policy will be $250,000.

What is the significance of life insurance policy?

Life insurance policy can be referred to or considered as an insurance policy that guarantees the payment of a predetermined amount to the beneficiary in case of the death of the person insured under such life insurance policy.

The death benefit in the above case will be equal to the amount of cash value of the policy at the time of death of Rob. As a result, if Rob dies at the age of 60, then the actual death benefit from a policy of $500,000 will be $250,000.

Therefore, the significance of the life insurance policy has been aforementioned.

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