Life Insurance Chapter 12. Financial Needs Final-expense needs (upon death). Income-replacement needs. Readjustment-period needs. Debt-repayment needs.

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Presentation transcript:

Life Insurance Chapter 12

Financial Needs Final-expense needs (upon death). Income-replacement needs. Readjustment-period needs. Debt-repayment needs. College expense needs.

Strategies to Meet Financial Needs Government benefits. Existing assets. Life insurance.

Life Insurance Estimation Multiple-of-earnings approach (multiplication of income by some number). Needs-based approach (multifactor).

Term-Life Insurance (only payable upon death) Guaranteed renewable term insurance. Guaranteed level-premium term insurance. Decreasing term insurance. Convertible term insurance (to cash-value). Group term life insurance. Credit (debt) term life insurance.

Cash-Value (Permanent) Insurance: Fixed Return Whole life insurance. Limited-pay whole life insurance (until certain age only). Adjustable life insurance. Modified life insurance (lower premium in early years). Endowment life insurance.