Answer :
Final answer:
Term life insurance is the most suitable option for individuals who have borrowed loans and need protection. It provides coverage for a specific term without cash value accumulation.
Explanation:
Term life insurance would be best suited for an individual who has just borrowed $10,000 on a 5-year installment loan requiring monthly payments. Term life insurance is a type of insurance that provides coverage for a specific period (the term), offering a death benefit to beneficiaries if the insured passes away during the term. Unlike whole life insurance, term life insurance does not accumulate cash value, making it a more cost-effective choice for protecting against the event of premature death.
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