the nonworking spouse method of estimating life insurancejeff lewis live guest today

Using the DINK method, what should be your need for life insurance? \end{array} You and your spouse have the following debts: Using the nonworking spouse method, what should be the life insurance needs for a B. Estimate how much life insurance Tim and Allison should carry. E. An insurance company will calculate the annual amounts to pay each person for an annuity. \textbf{STEINER COLLEGE}\\ the easy method to determine how much life insurance you should carry. Using the "Nonworking" Spouse Method to Determine Life Insurance Needs. Work with our consultant to learn what to alter. \quad\text{Deposits held in custody for others}&&\text{700}\\ Group life C. Limited life D. Universal life E. Variable life, 52. \text{Pledges receivable (net of doubtful accounts of \$280)}&&\text{5,872}\\ Which of the following policies would meet her needs? In other words, if a person's death would cause you significant financial hardship, it's an insurable interest. Cross), Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Psychology (David G. Myers; C. Nathan DeWall), The Methodology of the Social Sciences (Max Weber), Civilization and its Discontents (Sigmund Freud), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward), Give Me Liberty! E. None of these is correct. We look forward to speaking with you. The return on its investments. E. All of these. When assessing a client with partial-thickness burns over 60% of the body, which finding should the nurse report immediately? lessons in math, English, science, history, and more. An error occurred trying to load this video. Which of the following riders should she consider? Unit linked Insurance products are different from the traditional insurance products and are subject to the risk factors. Your annual premium is $1,000. 59. It also collected $820 of Pledges Receivable that were unrestricted. In most cases in India, the non-working spouse is a woman and it may be unimaginable to account for the financial implications in case of their absence, keep aside the emotional damage. If marriage has taken place after the policy commencement date, you can add the Spouse to your policy within one year from the date of the marriage. Which of the following is NOT a type of permanent life insurance? If you have a renewable term policy, A. Your rates will vary based on your unique circumstances, just as they would if you were single. B. Renewable term. Answer: 111, Using the "nonworking" spouse method, what should be the life insurance needs for a nonworking spouse whose youngest child is 5 years old? At minimal, you want a policy to provide at least 5 years worth of income replacement, until you can balance out things. C. Final life payment. She was recently divorced. 47. What impact do they have on your wealth potential. \textbf{Liabilities and Net Assets}\\ Fred bought life insurance when he was 47, although he told the insurance company that he was 42. To Buy: 1800-258-5899 (9:30 AM to 6:30 PM), For Existing Policy: 1800-103-0003/ 1800-180-0003/ 1800-891-0003, Managing Director & Chief Executive Officer. 2003-2023 Chegg Inc. All rights reserved. participating policy (dividends will be used to build up the cash value of the policy). What method. Step 1 Non-working spouse method: This method is form of insurance coverage that allows you to s. A. Has the option to select any Coverage Option, any Optional In-Built Cover and any Benefit Payout Option at the stage of getting added for coverage under the policy. D. Allowed annuities to be purchased for individual retirement accounts. Trade Logo of Canara HSBC Life Insurance Company Limited (formerly known as Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd) hereinafter referred to as "Insurer" is used under license with Canara Bank and HSBC Group Management Services Limited. It helped me pass my exam and the test questions are very similar to the practice quizzes on Study.com. In most cases, the life insurance offered to the stay-at-home spouse depends on the coverage and income of the earning counterpart. Your annual income is $60,000. She may need to change her coverage as her needs change. Who will receive the benefits from her policy? B. Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, determine the minimum amount of life insurance you should carry, the easy method to determine how much life insurance you should carry. This term life policy will guarantee that you will pay the same premium for the duration of your policy. Multiply the income . Purshe Kaplan Sterling Investments and Smallwood Wealth Investment Management, LLC are not affiliated companies. Group life C. Limited life D. Universal life E. Variable life, 50. You can convert your policy from permanent to term at any time. A. Question: Problem 12-10 Using the "Nonworking" Spouse Method to Determine Life Insurance Needs [LO12-2] Tim and Allison are married and have two children, ages 16 and 17 . Find the factor on the chart where the nonworking spouse's age intersects with the working spouse's income from the column on the left 3. Investment earnings received for the period were $3,960, of which$2,070 was donor restricted for scholarships. B. We want to help you with that. Preserved the tax advantage of annuities but curtailed deductions for IRAs. 12-3 Which of the following life insurance policies should she apply for? Insurance Contract Characteristics | Traits Specific to Insurance Contracts, Future Value Formula & Examples | How to Calculate Future Value. Single adult living alone. Diffusion Let us complete them for you. The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020. Which of the following is a charge you will pay when you purchase a variable annuity? The big question is how much term life insurance for the non-working spouse (or stay-at-home parent) you should have. 5 days. Instruction$86,100 Term insurance for non-working spouse in India will be of great help. To unlock this lesson you must be a Study.com Member. When calculating an amount, ask yourself what it will cost to hire someone to replace your spouse and perform all the tasks your non-working spouse does throughout the day. a) A client with amyotrophic lateral sclerosis (ALS) tells the nurse, "Sometimes I feel so frustrated. Limited installment payment. Its free, with no obligation. 27. E. It is permanent life insurance. $196,000 C. $280,000 D. $400,000 E. $430,000, 83. \text{Property, plan, and equipment (net of accumulated depreciation of \$104,240)}&&\text{281,404}\\ They have determined that their annual income is $70,000 and their net worth is now $150,000. This method is called the non-working spouse method. The simplest method for estimating your clients' life insurance needs is the multiple-of-income approach. E. An immediate annuity allows an individual to receive payments from an annuity beginning at once. Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits, 64. Time Value of Money Formula & Examples | What is Time Value of Money? 51,84,468 which includes Guaranteed Sum Assured on Maturity, accrued Guaranteed Yearly Additions and Guaranteed Loyalty Addition. Which of the following is NOT a factor that affects the price a company charges for a life insurance policy? E. Convince you to buy the policy that will pay her the highest commission. You add these numbers together: $10,000 + $50,000 + $95,000 + $800,000 + $400,000 = $1,355,000. On occurrence of first death or diagnosis of terminal illness, to either of you, the sum assured on death corresponding to the affected life is paid and the policy continues with life cover for the other life with reduced premium. Tim and Allison are married and have two children, ages 3 and 6. Your spouse expects to continue to work after your death. This is a very common type of policy taken by homeowners who want to support their children financially. TERMS OF SERVICE As a member, you'll also get unlimited access to over 88,000 Premium payments are fixed with a Variable Life Policy, The beneficiaries of someone who dies by suicide will never be eligible to receive any benefits from his or her life insurance policy. I would definitely recommend Study.com to my colleagues. D. You can convert your policy to a permanent type at the end of the term. Which of the following is NOT temporary insurance? Use the multiple of income method to C. Retired couple with a pension. Fixed Annuities are long-term insurance products. Also, if you try to make up some of that yourself, you lose income and income potential. The family needs approach requires you to purchase enough life insurance to allow your family to meet its various expenses in the event of your death. Student services 37,700 \quad\text{Bonds payable}&&\underline{\text{\hspace{10pt}99,000}}\\ A. Ben. He has since died. The cash value of the policy is expected to be D. Fund expense. D. Help you select the proper kind of protection within your financial boundaries. Limited installment payment. Now, you take this number and subtract your available assets from this number. 'QP2?^03dw 6x ;!;RTkz}Sc;)iI Create your account, 18 chapters | And, lastly, the family need method is a method that has you calculating your immediate needs upon death, adding it to the ongoing needs of surviving family members, and then subtracting your available assets from it. Secondly, consider the value of the unpaid work done by a spouse who spends much of their time raising children. Using the easy E. Weiss Research. Fred bought life insurance five years ago. E. Cash value life. Note: The categorization of Spouse into Working and Non-Working will be as per the Companys Board Approved Underwriting Policy (BAUP). Experts are tested by Chegg as specialists in their subject area. D. Standard & Poors. 79. \quad\text{With donor restrictions}&\underline{\text{\hspace{5pt}229,940}}\\ Canara HSBC Life Insurance Company Limited is only the name of the insurance company and Canara HSBC Life Insurance Invest 4G is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. E. Whole life insurance plans. C. Your premium will be the same for the duration of your policy. Your annual income is $100,000. Focus on Personal Finance: Online Textbook Help, Life Insurance Companies: Definition & Types, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, How to Estimate Life Insurance Requirements. The "Nonworking" spouse method of estimating life insurance includes factors such as Social Security and liquid assets. B. Sell you the highest level of coverage available. For example, say. Estimate your total Your needs will also change over time, so your life insurance needs may also change over time. Using the "nonworking" spouse method, what should be the life insurance needs for a family whose youngest child is 5 years old? Amy bought a life insurance policy and named Ben as her beneficiary. 74. money elsewhere for a 7 percent annual yield, calculate the net cost of insurance. Investment Advisory Services provided by Smallwood Wealth Investment Management, LLC, an SEC registered investment advisor. The capital retention method is a method of determining the amount of life insurance needed by using an interest-only model to support your family. Francisco and Maria have three children and want to complete a detailed worksheet to determine the amount of life insurance they need to purchase. $50,000 C. $80,000 D. $100,000 E. $180,000 B. B. For more details on risk factors, terms and conditions please read the Sales Brochure carefully before concluding a sale. And a term insurance cover for house makers, non-working spouses, or say a housewife, proves helpful exactly here, ensuring your family tides over the financial damages in case something unfortunate happens. A. Waiver of premium disability benefit B. Enrolling in a course lets you earn progress by passing quizzes and exams. A. 1. 66. D. Term life insurance plans. $18,000 C. $50,000 D. $130,000 E. $180,000, 84. Use This is a method that has you multiplying the number of years it takes the youngest child to reach 18 by $10,000. IN THIS ARTICLE Disability income insurance, which complements health insurance, can replace lost income and help protect you and your family from an otherwise financially catastrophic illness or injury. C. A life insurance policy allows the beneficiary to receive proceeds at some future date. When can I switch from original Medicare to an Advantage plan? 96. B. The spouse who has to stay at home, looking after the children, cooking, and supporting the family often has a more tiresome job to do, than the working spouse. A. Pay off a mortgage. You own a home with a mortgage of $110,000, and

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