Rob purchased a whole life policy with a $500,000 death benefit at age 30. He died at age 60. What is the death benefit?

In a whole life insurance policy, the death benefit amount is guaranteed to remain intact for the duration of the policyholder’s life, as long as the premiums are paid. When Rob purchased the whole life policy with a $500,000 death benefit at age 30, that amount was established and would be payable upon his death, regardless of his age at the time of passing or the duration he held the policy.

Since Rob passed away at age 60, the policy is still in force, and the designated death benefit of $500,000 will be paid to his beneficiaries. Whole life insurance provides lifelong coverage and is structured to ensure that the specified death benefit is guaranteed, which is why the correct answer is the full amount of $500,000.