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the nonworking spouse method of estimating life insurance

Using the "nonworking" spouse method, what should be the life insurance need for a family whose youngest child is 10 years old? U ^s1xRpbD#rYNrJC.aeD=U]Sik@X6G[:b4(uH%-+0A?t>vT9. The total debts of you and your spouse include the following: mortgage, $200,000; auto loan, $16,000; credit card balance, $2,000; and personal debts of $4,000. Experts are tested by Chegg as specialists in their subject area. Which of the following is NOT temporary insurance? If you are a family and either you or your spouse stays home with the children, it is most likely that only the working souse has life insurance coverage because thats the case with most families in our country. 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. Frank, age 38, was hit by a car and died. 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. \textbf{Statement of Financial Position}\\ 39. Important Life Insurance Policy Provisions, After-Tax Rate of Return: Definition & Formula, Standard Deviation of Returns | Overview, Investment Volatility & Formula. A.M. Best. 73. The process standard deviaton An interest-adjusted index is a method of evaluating the cost of life insurance by taking into account the time value of money, The lower the interest-adjusted index, the lower the cost of a life insurance policy, If you change your mind about your insurance policy, you have 60 days to return it to receive a refund of your premium. Note: The categorization of Spouse into Working and Non-Working will be as per the Companys Board Approved Underwriting Policy (BAUP). They plan to purchase life insurance using this formula: (18 Youngest childs age) $10,000. This gives you seven years of wages at 70%. If you switch life insurance policies, you will automatically still be insurable, Annuities are most beneficial for individuals who expect to live only a short time, An investment in an annuity is the same as an investment in a certificate of deposit, Tuitionandfeesreceivable(netofdoubtfulaccountsof$12), Pledgesreceivable(netofdoubtfulaccountsof$280), Property,plan,andequipment(netofaccumulateddepreciationof$104,240), Investments(atfairvalue,costof$162,000), Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. Insurance Need: ? to work after your death. With comprehensive coverage features like accidental benefit, increasing/ decreasing cover and whole life cover, the policy also offers a Spouse cover. 48. This is a method that has you multiplying your annual gross income by 70% and then multiplying that by 7. 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? Which method are they using to determine their life insurance needs? Fred bought life insurance five years ago. A. If you mean you want to add life insurance coverage for your new spouse on your life insurance policy, you can contact your life insurance agent or carrier and request what it would cost to add a spouse rider for life insurance coverage to your existing policy. C. A life insurance policy allows the beneficiary to receive proceeds at some future date. Which of the following riders would allow her to receive cash now? It will have a lower coverage amount and a waiting period (usually 2 year). Diffusion Let us complete them for you. The policy terminates only after the sum assured on death or diagnosis of Terminal Illness of the second life, or on maturity of the policy term, thereafter. What percentage of your income should you spend on life insurance? In this case, 18 years. 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. Institutional support 28,500. True. I feel like its a lifeline. D. Her parents. 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Which of the following life insurance policies should she apply for? Whether you're married, domestic partners or simply sharing a life with someone you love, taking out a pair of affordable term life insurance policies can provide both financial security and peace of mind. Use Exhibit 1-B. E. Convince you to buy the policy that will pay her the highest commission. This is also the most thorough method. Which method are they using to determine their life insurance needs? The "Nonworking" spouse method of estimating life insurance includes factors such as Social Security and liquid assets. Which of the following is NOT a factor that affects the price a company charges for a life insurance policy? Further, you estimate that your funeral will cost $6,000. A. Adjustable life B. A. A. Waiver of premium disability benefit B. What method. A. Adjustable life B. The death benefit will be increased by the amount of an outstanding policy loan. A. Adult child living with parents. Whole Life Insurance lessons in math, English, science, history, and more. Using the "nonworking" spouse method, what should, be the life insurance need for a family whose youngest, 95. You policy will continue for one year. D. Life income option. Lastly, it allows you to keep your future obligations: college, paying off debts, weddings, bar mitzvahs and bat mitzvahs, sweet sixteens, and all the other things that you want to do for your kids. A. Investment Advisory Services provided by Smallwood Wealth Investment Management, LLC, an SEC registered investment advisor. A. C. You can convert your term policy to a permanent policy. Competition among companies with comparable policies can affect the price a company charges for life insurance. D. An annuity is more advisable for people in poor health than for those who are likely to live longer than average. All rights reserved. So with funeral expenses of $10,000, your life insurance requirement is: This next method is for those with just one wage earner in the family. participating policy (dividends will be used to build up the cash value of the policy). D. Household with children. C. Pay for a vacation. 25. B. 75. If their youngest child is 5 years old, how much do they need? In many cases, the answer is yes. B. C. The policy owner can borrow any amount up to the cash value of the policy. What. Which of the following provisions should she take action on? Collect premiums for the insurance contract. How to estimate life insurance requirements for a non working spouse? Home Flashcards Chapter 10 Personal Finance. The simplest method for estimating your clients' life insurance needs is the multiple-of-income approach. A. Adjustable life B. Jeff and Erica have two children. Using the "Nonworking" Spouse Method to Determine Life Insurance Needs. The insurer may tell you, or it may ask you to submit a form reporting the death. Is life insurance for married couples cheaper? Headquartered at 199 Broad Street, Red Bank NJ 07701-2056 This method is meant for those with typical families where both spouses work, are in good health, with average debt, and with no more than three kids. 25,00,000 which will remain same throughout the Policy Term. The ending balance in Accounts Payable and Accrued Liabilities was$1,935. Tim and Tammy are updating their financial plan and are concerned that they might not have enough life insurance coverage for their family, which includes two children, ages 4 and 10. Do both you and your spouse need life insurance? C. Her contingent beneficiaries. We are living in times of uncertainty. They have determined that their annual income is $70,000 and their net worth is now $150,000. Both you and the spouse are covered throughout the policy term for your respective separate sums assured. Before you purchase, be sure to talk to your financial professional about the annuitys features, benefits, and fees and whether the annuity is appropriate for you, based on your financial situation and objectives. Having life insurance for income replacement means if you pass away, your family could have the financial support they need to maintain the lifestyle they're used to. Under this method, the original principal that you save will still remain at the end of the income period. insurance needs for a family whose youngest child is 5 years 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. Investors in the Scheme are not being offered any guaranteed / assured returns. Group life B. Time Value of Money Formula & Examples | What is Time Value of Money? A. Pay off a mortgage. The cholesterol level in children follows a normal distribution with a mean level of 175mg/dL175 \mathrm{mg} / \mathrm{dL}175mg/dL and a standard deviation of 35mg/dL35 \mathrm{mg} / \mathrm{dL}35mg/dL. Endowment Plans fhp>5UN.es r}"n ~c|A1mHNK|i^f>Gk aYT)s7z~fO9~krcVr2@)KTQirUQ!AP+jthG;l!9|R^7|o What impact do they have on your wealth potential. E. An immediate annuity allows an individual to receive payments from an annuity beginning at once. Option to add Optional In-Built Covers or choose a Benefit Payout Option other than Lumpsum is not available to non-Working Spouse. In other words, if a person's death would cause you significant financial hardship, it's an insurable interest. E. It is better to fund an IRA, Keogh, or 401(k) before buying an annuity. Catherine Carey has made the choice to stay home, and raise her three kids while her husband works. b. the number of each item you have in stock Term insurance for non-working spouse in India will be of great help. Group life C. Limited life D. Universal life E. Variable life, 51. Ag;sE2/yNNF;eF]!hiV^r^l PK ! 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. The "Nonworking" spouse method of estimating life insurance includes factors such as Social Security and liquid assets. E. None of these. D. It builds cash value. Whole life B. A. Waiver of premium disability benefit B. The first is the easy method. MAY LOSE VALUE, INCLUDING LOSS OF PRINCIPAL. E. None of these is correct. Todd plans to purchase a life insurance policy from a stock life insurance company. Which of the following provisions will affect the amount of money his beneficiaries will receive? This is a very common type of policy taken by homeowners who want to support their children financially. Anita is a "nonworking" spouse who devotes all of her time to household activities. T&C Apply. Mildred was diagnosed with terminal cancer and knows that she doesnt have long to live. The human-life approach is a method of calculating how much life insurance is needed for a family that is based upon their financial loss when the insured person in the family passes away. \text{Cash and cash equivalents}&&\text{\$\hspace{18pt}734}\\ $30,000 B. \textbf{(amounts in thousands)}\\ Your spouse expects to continue Collections on Tuition and Fees Receivable totaled$222,600. The Tax Reform Act of 1986 A. It is important to replace all of the income lost when an employed family member dies when using the human-life approach. . Marianne and Roger are in good health and have reasonably secure careers. 97. Which of the following statements is correct? A. Work with our consultant to learn what to alter. You pay premiums each year for the rest of your life. Another name for a straight term policy is A. Renewable term. C. Your premium will not increase because your policy is renewable. Which of the following policies would meet her needs? Were your family to lose that, you lose all of that labor. The last thing to realize is that calculating your life insurance needs can be tricky. Unit linked Insurance products are different from the traditional insurance products and are subject to the risk factors. . NOT BANK GUARANTEED. Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits, 62. C. Temporary insurance. Which of the following statements is correct? The settlement option that pays the life insurance proceeds in equal periodic payments for a specified number of years after your death is called A. Lump-sum payment. All of the following are major rating agencies for insurance except A. \text{Tuition and fees receivable (net of doubtful accounts of \$12)}&&\text{230}\\ A. After payment was received, tuition What is a Rider on a Life Insurance Policy? Your spouse expects to continue to work after your death. Variety of Fund Options and Portfolio Management Strategies, Loyalty Additions + Wealth Boosters + Return of Mortality Charges, Optional In-built covers to enhance coverage, Policy Term of 1 year or less than 1 year. Allison is a "nonworking" spouse who devotes all of her time to household activities. 68. E. Proceeds left with the company. But from a financial perspective, it does not have to be a crisisif you have good planning. 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. For a non-Working Spouse. Earnings Per Share Overview & Formula | How to Calculate EPS, Capital Budgeting Decisions | Examples, Techniques & Analysis, Activity-Based Costing | Formula, Examples & Benefits. This method is used only to calculate child care needs, not the total financial needs of the family. 38. \text{Net assets:}\\ Tim and Allison are married and have two children, ages 3 and 6. 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. Using the "nonworking" spouse method, what should be the life insurance needs for a family whose youngest child is 5 years old? To go deeper on the insights from Smallwood Wealth Management, request your FREE COPY of. STEINERCOLLEGEStatementofFinancialPositionJune30,2019(amountsinthousands)\begin{array}{c} Fixed Insurance products and services offered through Ash Brokerage or Smallwood Associates, Ltd. Life insurance is a wise purchase of all individuals. Continuing a mini-series on life insurance, he discusses life insurance for spouse (who does not work or who works part-time). Insurance needed. If you are new to Smallwood Wealth schedule a Wealth Curve Conversation. Investments are not FDIC- or NCUA-insured, are not guaranteed by a bank/financial institution, and are subject to risks, including possible loss of the principal invested. 79. If you are new to Smallwood Wealth schedule a Wealth Curve Conversation here. Table lamp. This problem has been solved! An immediate annuity allows an individual to receive payments from an annuity beginning at once. B. Fixed annuity B. \text{Short-term investments}&&\text{7,666}\\ Most people buy life insurance to A. 5EPhGD!A'b1^:x[)(2##19pH`G0v#/(5;dI(D This method has you multiplying your annual gross income by 70% and then multiplying that by 7. method, what should be your need for life insurance? What is the cost of living in California? Catherine Carey has made the choice to stay home and raise her three kids while her husband works. This is based on data provided by Quotacy for a 40-year-old buying a 20-year, $500,000 term life policy, which is the most common term length and amount sold. Of course, it would be a tragedy were something to happen to your spouse. ^Individual death claims settled and reported in public disclosures for FY 2021-22. Using the nonworking spouse method, what should be the life insurance needs for a Which of the following products allows an individual to receive payments beginning now? The maturity benefit in form of a lumpsum benefit equal to Rs.33,19,055 is paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. The premium paid in Unit linked Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. 700 cartons to be stored. Molly is thinking about buying a life insurance policy, but she is not sure about how much she will need in the next few years. Which of the following households most likely has the greatest need for life insurance? Here are the features of adding a Spouse Cover to your iSelect Smart360 Term Plan: Spouse Cover With the iSelect Smart360 Term Plan. Using the "Nonworking" Spouse Method to Determine Life Insurance Needs. Donald and Charlene are married and do not have any children. Which of the following riders provided an additional benefit for his heirs? TERMS OF SERVICE DINK stands for double income, no kids. A. Fred bought life insurance when he was 47, although he told the insurance company that he was 42. determine the minimum amount of life insurance you should carry. This is a very common type of policy taken by homeowners who want to support their children financially. A young employee is buying individual life insurance and is worried about the impact inflation will have on his life insurance coverage. Jeff and Erica have two children. All guarantees are based on the continued claims paying ability of the issuing company. Not necessarily. You may need to change your coverage amounts when this happens. Under this plan option, a Monthly Survival Income shall be payable at the beginning of each month, starting from the Policy Anniversary coinciding with or following the Life Assured attaining age 60 years (last birthday) which shall continue till the end of the Policy Term or the death of the Life Assured whichever is earlier. The investment risk in investment portfolio is borne by the policyholder. D. The policy features. What are the stages of the General Adaptation Syndrome (GAS)? More thorough because it also considers employer provided insurance, Social Security benefits, and liquid assets. A. D. Insurer. Term insurance C. Whole life insurance D. Variable annuity E. 401(k). E. Cash value life. Related to the expenses incurred: prepaid assets of $534 were used,$4,776 of the expenses were accrued, and the remaining expenses were paid. The monthly survival benefit mentioned is an example of Life Assured opting for Sum Assured as 1Cr under Life Secure with Income plan option. 81. It helped me pass my exam and the test questions are very similar to the practice quizzes on Study.com. 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. C. Final life payment. Life Insurance C. Individual retirement accounts (IRAs). A. Waiver of premium disability benefit B. d. 28. You may not purchase insurance once your term ends. A. D. A fixed annuity is one where the investments made into the annuity are variable. e. a place in which to keep products until they are needed Secondly, consider the value of the unpaid work done by a spouse who spends much of their time raising children. 26. All other trademarks and copyrights are the property of their respective owners. Purshe Kaplan Sterling Investments and Smallwood Wealth Investment Management, LLC are not affiliated companies. 36. 59. Your surviving family's ongoing needs are $800,000 for your spouse's needs, and your dependent children's needs are $400,000 for a limited period of time. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued. D. Fund expense. $343,000 C. $490,000 D. $700,000 E. $750,000, 85. Using the DINK method, what should be your need for life insurance? E. All of these affect the price. The provisions of Income Tax Act, 1961 are subject to amendments made by the government from time to time. Steiner is a private college. Limited installment payment. Such advance premium, if any, paid by the Policyholder shall not carry any interest. The premium so collected in advance shall only be adjusted on the due date of the premium. Jeff Willis has five kids and more debt than the, average family. \quad\text{Accounts payable and accrued liabilities}&&\text{\$\hspace{5pt}21,130}\\ In contrast to the biopsychosocial model, the biomedical model views health as ___________. The premiums & funds are subject to certain charges related to the fund or to the premium paid. You have no other debt. 82. Shaan and Anita are married and have two children, ages 4 and 7. 3 days. C. It is more expensive than term insurance. Its free, with no obligation. D. Allowed annuities to be purchased for individual retirement accounts. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method, 30. 58. Enrolling in a course lets you earn progress by passing quizzes and exams. Explanation: Generally when there is only one working spouse in a household and you want to get insurance to cover child care needs, you can use the non-working spouse method which is very simple to calculate but will also carry a very low amount. Maximum amount that can be claimed as deduction for education loan, How to File ITR for Income under 2.5 Lakh, How to Reduce Tax Liability with Term Insurance, Know the Tax Benefit on Saving for Retirement, Need for a Life Insurance for the Non-Working Spouse, Making claim settlement easy for your beneficiaries, How has the occurrence of covid-19 affected insurance in INDIA, Factors That Affect Life Insurance Premiums, Reasons for Life Insurance Claim Rejection, Unclaimed Amount Movement To-senior Citizens Welfare Fund. NOT FDIC INSURED. Jumping the Wealth Curve with Edward E. Bao Jr. D. Standard & Poors. Factors That Affect Life Insurance Premiums B. How do I know if my life insurance has cash value? 2,10,000, (excluding taxes) premium payment term 10 years and policy term 20 years. Holding Period Return (HPR) Formula & Examples | What is HPR? B. E. The policy requires that you pay a specified premium each year for the rest of your life. is your life insurance need based on the easy method? Allowed whole life insurance policies to be sold. Insurance Contract Characteristics | Traits Specific to Insurance Contracts, Future Value Formula & Examples | How to Calculate Future Value. 70. D. Your premium will not increase when you renew it. Which method are they using to determine their life insurance needs? You have a spouse, two kids, a dog and a mortgage - a typical family. Agency Problem in Finance Overview, Duties & Examples | What is the Agency Problem? D. Help you select the proper kind of protection within your financial boundaries. A term insurance plan will also help to save taxes on the premiums under Section 80C of the IT Act. Which of the following is NOT a type of permanent insurance? Its like a teacher waved a magic wand and did the work for me. Answer . She, wants to determine her insurance needs. Which of the following allows an individual to receive an amount of income that will change based on the income received from stocks or other investments over a certain period of time, or over his or her life? Besides getting money into the family, the non-working spouse holds a responsibility for everything that doesnt offer bonus, perks, and promotions. What is the amount of life insurance they should carry using the "nonworking" spouse method? Sum Assured as chosen by the Working Spouse under the Plan. Estimate how much life insurance Tim and Allison should carry. Fell free get in touch with us via phone or send us a message. Features of Life Insurance The insurance industry rule of thumb that a typical, family will need 70% of salary for seven years in order to, adjust for the financial consequences of a wage-earner's, death is known as which of the following estimation. Term C. Credit life D. Endowment life E. Adjustable life, 53. nonworking spouse whose youngest child is 6 years old? Tim and Tammy are updating their financial plan and are concerned that they might not have enough life insurance coverage for their family, which includes two children, ages 4 and 10. 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 . What is your life insurance need using the DINK method? Life insurance companies pay out the proceeds when the insured dies and the beneficiary of the policy files a life insurance claim. 99. Ask to set up a Wealth Curve conversation. B. 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The grace period, 55. When it comes to purchasing life insurance, you need to make sure you are purchasing enough coverage to cover all your financial needs upon your death. money elsewhere for a 7 percent annual yield, calculate the net cost of insurance. Using the nonworking spouse method, what should be the life Can non-working spouses qualify for a life insurance? D. Term life insurance plans. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Use the multiple of income method to \text{Pledges receivable (net of doubtful accounts of \$280)}&&\text{5,872}\\ The rule of 70 is a means of estimating the number of years it takes for an investment or your money to double. Term insurance C. Whole insurance D. Variable annuity E. 401(k), 77. 5 days. B. Multiyear level term. $140,000 B. But life insurance rates can vary dramatically among applicants, insurers and policy types. Futures Contract in Finance Purpose & Examples | What Are Futures? Life insurance companies issue a lot of paperwork.

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the nonworking spouse method of estimating life insurance