How do you think your insurance IQ would fare against the ruler of the free world?
You might be surprised…
Test Your Life Insurance IQ
[HINT: Trump Would Score 6 Out of 10]
Life Insurance IQ Quiz Answers
Trump’s Score: 6/10
You might assume Donald Trump would score 100% on this quiz since he has already stated he “understands everything” about insurance.
However, given his recent statements, we feel he would miss the questions in red below.
Here are the answers:
Which type of insurance costs less for a 20-year-old: term or obamacare?
A term life insurance policy. You can view sample rates at any age here.
How long has Obamacare been in place?
7 years, although President Trump infamously said that Obamacare has “wreaked havoc on the lives of hard-working Americans” for 17 years.
Can You Buy Insurance on Anyone You Want?
No, there must be something called “insurable interest,” which means their death will affect you financially.
That means you may be able to buy life insurance on your spouse, parents, children, business partner, a key employee, as well as many others, but not on your neighbor, Joey, whose death wouldn’t impact your wallet.
Who pays more? A person taking high blood pressure meds or someone who controls it on their own and takes them as needed?
Many companies actually don’t care if you take blood pressure medication as long as your BP is well controlled.
What they DON’T like is you taking your prescribed medication sporadically, as YOU see fit, instead of as recommended by your MD. Visit our life insurance with pre-existing conditions page here.
How much more do you pay for life insurance if you have diabetes?
It’s roughly double that of a preferred health premium. Life insurance companies ARE allowed to discriminate/adjust their rates based on your health (for now, anyway.) See our life insurance with diabetes guide.
Which tactic will help you save on estate taxes?
Using an irrevocable trust can help you get assets out of your name, so upon death, they won’t be valued as part of your estate.
Even if you do have an estate tax problem, you can buy life insurance to pay the tax bill, paying pennies on the dollar compared to having your estate foot the entire bill.
Under Obamacare, at what point are employers required to provide healthcare?
At 30 Hours. Trump waivers on whether ALL his employees are covered under Obamacare or some of them. It would seem Trump is either lying about the number of employees under Obamacare, or si