Describe the income method to determine the amount of life insurance needed. What is the disadvantage of this method?
Answer to relevant QuestionsDiscuss why life insurance needs should not be based on a family’s dreams for the future. What is a lump sum settlement? What kind of beneficiary would benefit the most from this option? Describe the non-forfeiture and loan clauses of whole life insurance policies. Considering the information in the previous problem, how much life insurance should they purchase for Mary? Concerning Brad’s life insurance decision, comment on the following: a. His need for life insurance b. If you think he needs life insurance, is whole life his best choice? c. His plan to use the whole life policy’s loan ...
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