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Life Insurance Planning

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1) employment interruption; federal and state inheritance tax; final expense; debt repayment

2) $24,000; $0; $12,000; $18,000

3) $45,000; $205,000; $210,000; $230,000

4) car loan, credit cards and mortage; car loan and credit cards; car loan and mortgage; credit cards and mortgage

Another important element in the needs-based method involves your spouse's and family's readjustment period needs. This item is intended to cover the costs of and any education expenses incurred by your spouse and dependents. Your readjustment- period needs are currently expected to be Your current short term debt-repayment needs are and reflect the costs of your 1. Apply What You've Learned - Life Insurance Planning Scenario: You are 30 years old with a gross annual income of $55,000. You are married with 2-year-old twin children. Your spouse is 30 years of age. You estimate that your final expenses for funeral, burial, and other expenses will be $15,000. You currently owe $185,000 on a mortgage, $25,000 on a car loan, and $20,000 in credit card debt. You would like to replace your income for 30 years, and believe that your insurance proceeds can be invested to earn a 5% return. You would also like a minimum of $60,000 for each child be placed in a college fund. You do not anticipate a need to fund a readjustment period for your spouse. You currently have a $80,000 whole life insurance policy Another important element in the needs-based method involves your spouse's and family's readjustment period needs. This item is intended to cover the costs of and any education expenses incurred by your spouse and dependents. Your readjustment- period needs are currently expected to be Your current short term debt-repayment needs are and reflect the costs of your 1. Apply What You've Learned - Life Insurance Planning Scenario: You are 30 years old with a gross annual income of $55,000. You are married with 2-year-old twin children. Your spouse is 30 years of age. You estimate that your final expenses for funeral, burial, and other expenses will be $15,000. You currently owe $185,000 on a mortgage, $25,000 on a car loan, and $20,000 in credit card debt. You would like to replace your income for 30 years, and believe that your insurance proceeds can be invested to earn a 5% return. You would also like a minimum of $60,000 for each child be placed in a college fund. You do not anticipate a need to fund a readjustment period for your spouse. You currently have a $80,000 whole life insurance policy

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