You policy will continue for one year. What is Life Insurance? Welcome to the Wealth Curve Talk Podcast. Fixed annuity B. You add these numbers together: $10,000 + $50,000 + $95,000 + $800,000 + $400,000 = $1,355,000. B. D. Your premium will not increase when you renew it. A. Waiver of premium disability benefit B. He forgot to tell them that he had a heart condition, and, as a result of that condition, he recently died. B. A. B. She does not want to take a medical exam to get coverage because she has some underlying health conditions and is concerned that she might not qualify for a policy. Term insurance C. Whole insurance D. Variable annuity E. 401(k), 77. In case of death of the Life Assured during the Policy Term, Sum Assured on Death basis the Coverage option opted, less cumulative monthly income(s) already paid shall be payable. To unlock this lesson you must be a Study.com Member. 5% B. Income replacement is one of the main reasons many people, especially those who have loved ones depending on them financially, have life insurance. The maturity benefit is Rs. 700 cartons to be stored. You have a gross annual income of $62,000. Suppose you are 45 and have a $50,000 face amount, 15-year, limited-payment, Whole life B. Here's how to calculate the estimated life insurance need: 1. Non-Working Spouse Method. Solved Problem 12-10 Using the "Nonworking" Spouse Method to | Chegg.com What happens if you dont get life insurance? E. The policy requires that you pay a specified premium each year for the rest of your life. loans. For example, if your gross income is $65,000, then with the easy method, your life insurance requirement is ($65,000 * 0.7) * 7 = $318,500. So your life insurance requirement is 15 $10,000 = $150,000. Megan wants to purchase a life insurance policy that will allow her to invest in stock. A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period, 56. Using the nonworking spouse method, what should be the life Another name for temporary life insurance is A. This is a method that has you multiplying the number of years it takes the youngest child to reach 18 by $10,000. Holly and Matt want to use the "nonworking" spouse method to determine the amount of life insurance coverage they need. PERSONAL FINANCE TIPS DELIVERED DIRECTLY IN YOUR INBOX, By submitting your name and email you are allowing us to store your personal data and send you emails. The "Family Need" method of estimating life insurance includes factors such as Social Security and liquid assets, Mutual life insurance companies specialize in the sale of nonparticipating policies, Another name for straight term is renewable return-of-premium term, Decreasing term pays less to the beneficiary as time passes, Return-of-Premium term pays out all premiums plus interest to a beneficiary.
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the nonworking spouse method of estimating life insurance