Question: Suppose you wanted to leave your dependents with enough funds
Suppose you wanted to leave your dependents with enough funds to pay off the home mortgage. Under what conditions would you prefer decreasing term insurance over group mortgage life, and vice versa?
Answer to relevant QuestionsIf you perceive a need for insurance protection in your retirement years, might you prefer whole life over term life today? Why? Can you think of situations in which you might need insurance protection in your later years? For estate planning purposes, what is the difference between joint tenancy and tenancy in common? What is a trust? What obligation does the trustee have? Which approach for calculating defined benefits responds more rapidly to the effects of inflation: the career average approach or the final average approach? Why? How does a pension plan differ from a profit-sharing plan?
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