Which of the following products allows an individual to receive payments beginning now? Amy has a master's degree in secondary education and has been teaching math for over 9 years. T&C Apply. Whole life. 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. 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. Term insurance for non-working spouse in India will be of great help. method for him to use to calculate his insurance needs? A. Adjustable life B. Which of the following policies would meet her needs? It also collected $820 of Pledges Receivable that were unrestricted. You and your spouse have the following debts: Using the nonworking spouse method, what should be the life insurance needs for a Is life insurance for married couples cheaper? This is a method that has you adding half of all your debts plus funeral expenses. You and your spouse are in good health and have reasonably secure jobs. While it is wise to buy a life insurance policy to protect the income of the earning spouse, covering the non-working spouse may not seem as important. Estimate your total Please check your entries and try again. Annuities are often purchased for A. If you want to purchase term insurance, you will receive all of the following except A. Term insurance C. Whole life insurance D. Variable annuity E. 401(k). A. Adjustable life B. To go deeper on the insights from Smallwood Wealth Management, request your FREE COPY of. insurance needs for a family whose youngest child is 5 years 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 recommendation is to have seven to ten years of life insurance. copyright 2003-2023 Study.com. Group life C. Limited life D. Universal life E. Variable life, 50. They have determined that their annual income is $70,000 and their net worth is now $150,000. d. 28. We look forward to speaking with you. Life insurance benefits may be used to pay off a home mortgage or other debts at the time of death. The companys cost of doing business. 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 . Fixed Annuities are long-term insurance products. $343,000 C. $490,000 D. $700,000 E. $750,000, 85. Of course, it would be a tragedy were something to happen to your spouse. Secondly, consider the value of the unpaid work done by a spouse who spends much of their time raising children. The death benefit will be increased by the amount of an outstanding policy loan. D. Decreasing term. There are many situations to consider, and the methods you just heard about may or may not fit your needs. The maturity benefit is calculated for a 25 years old healthy male life who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future with iAchieve plan option, monthly premium Rs.10,000 (excluding taxes), premium payment term 10 years and policy term 20 years through online sales channel. A. Straight life. Who will receive the benefits from her policy? The non-working spouse method is a method that has you multiplying the number of years it takes the youngest child to reach 18 by $10,000. 5EPhGD!A'b1^:x[)(2##19pH`G0v#/(5;dI(D 74. Investors in the Scheme are not being offered any guaranteed / assured returns. The Wealth Curve Talk with John L. Smallwood. For more details on risk factors, terms and conditions please read the Sales Brochure carefully before concluding a sale. $40,000 B. 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. Another name for temporary life insurance is A. You should be able to collect the life insurance payout within 30 to 60 days after you have submitted the completed claim forms and the supporting documents. B. The question is, how big are yours? A. succeed. C. Individual retirement accounts (IRAs). Beneficiary. Judy and James have a 4-year-old child. Agency Problem in Finance Overview, Duties & Examples | What is the Agency Problem? Also, if you try to make up some of that yourself, you lose income and income potential. A deferred annuity allows an individual to receive payments from a life insurance policy immediately. A. Waiver of premium disability benefit B. 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? Which of the following is a poor choice for the amount of protection offered for an individual? It helped me pass my exam and the test questions are very similar to the practice quizzes on Study.com. $140,000 B. A. Waiver of premium disability benefit B. D. It builds cash value. False. You heard about several methods you can use to calculate your life insurance needs. $18,000 C. $50,000 D. $130,000 E. $180,000, 84. 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. 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. A. Its free, with no obligation. D. A benefit during the period it covers, such as 1, 5, 10, or 20 years. What is Life Insurance? Stephanie is the wage earner in a "typical family" with $40,000 gross annual income. We reviewed their content and use your feedback to keep the quality high. After payment was received, tuition \quad\text{Without donor restrictions}&\text{\$\hspace{1pt}104,000}\\ \text{Liabilities:}\\ Most people buy life insurance to A. Which of the following households most likely has the greatest need for life insurance? They plan to purchase life insurance using this formula: Current income 7 70%. Do both you and your spouse need life insurance? Nonworking spouse method is a type of insurance policy where without working you can support your children until they turn 18 years old. A. You have no other debt. The most common settlement option for a life insurance program is the lump-sum payment. The cash value of the policy is expected to be 27. Insurance Premium $50,000 C. $80,000 D. $100,000 E. $180,000 B. Step 1 Non-working spouse method: This method is form of insurance coverage that allows you to s. You can convert your policy from permanent to term at any time. Then compute this number as an annual cost and multiply by the approximate number of years you would need those services, say until your children start going to college, or until you retire to take care of the house yourself. Both you and the spouse are covered throughout the policy term for your respective separate sums assured. What kind of policy would she want to purchase? Competition among companies with comparable policies can affect the price a company charges for life insurance. The investment risk in investment portfolio is borne by the policyholder. The Tax Reform Act of 1986 A. What is your life insurance need using the DINK method? A. She has since died. Fred bought life insurance five years ago. \textbf{Liabilities and Net Assets}\\ Dividend policy B. Nonparticipating policy C. Mutual policy D. Participating policy E. Stock policy. If one should die, they think that funeral expenses would be $12,000. C. Her contingent beneficiaries. B. The monthly survival benefit mentioned is an example of Life Assured opting for Sum Assured as 1Cr under Life Secure with Income plan option. Collect premiums for the insurance contract. Allison is a "nonworking" spouse who devotes all of her time to household activities. How much storage space is required? \text{Net assets:}\\ So your life insurance requirement is 15 $10,000 = $150,000. What method would probably be the best. NOT BANK GUARANTEED. Single adult living alone. 5. \textbf{(amounts in thousands)}\\ old? You must pay interest on any loans. When can I switch from original Medicare to an Advantage plan? Using the "Nonworking" Spouse Method to Determine Life Insurance Needs. Which method are they using to determine their life insurance needs? participating policy (dividends will be used to build up the cash value of the policy). Plus, get practice tests, quizzes, and personalized coaching to help you 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. The first is the easy method. It is better to fund a fixed annuity before fully funding your IRA, Keogh, or 401(k). Easy method C. DINK method D. Family need E. Soccer mom 95. Can I stay on my parents insurance if I file taxes independently? refunds of$11,200 were given. If you are new to Smallwood Wealth schedule a Wealth Curve Conversation here. A term insurance plan will also help to save taxes on the premiums under Section 80C of the IT Act. Answer: 111, Using the "nonworking" spouse method, what should be the life insurance needs for a nonworking spouse whose youngest child is 5 years old? D. Life income option. B. The return on its investments. What is their total insurance need using the DINK method? This is a method that has you multiplying your annual gross income by 70% and then multiplying that by 7. A deferred annuity allows an individual to receive payments from an annuity at some future date. A. Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits, 63. '`Wb L@b[[s8M,I=s:sr<3Y=w0&)_f& (_X>pO&|`r;ZXeEP4DDi_/%"M{s1&E^}W>f,Kc,$vt ls-`p]s+>hBQ/nmBNO`majcNz@vr2LvDZ \NTef9F+ is =1.25\sigma = 1.25=1.25. C. Your premium will not increase because your policy is renewable. You estimate that funeral expenses will be $5,000. Which of the following is NOT a factor that affects the price a company charges for a life insurance policy? C. 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A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period. C. 10 days. NOT INSURED BY ANY STATE OR FEDERAL AGENCY. old? 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. Fixed annuity B. C. Decreasing term. Limited installment payment. D. The policy features. 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. D. Standard & Poors. A. When deciding the right amount of coverage required for your spouse, everyones need may be different. Can you get life insurance on a spouse? If the policy exists, you can ask if you're a beneficiary. Adult child living with parents. D. Term life insurance plans. 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. C. Administrative fee. E. It is better to fund an IRA, Keogh, or 401(k) before buying an annuity. You have no plans to increase the size of your family in A. C. Final life payment. Buying from professionally qualified representatives C. Ignoring the reputations of local agencies D. Working with a representative who will help you select the proper kind of protection within your financial boundaries E. Asking family or friends for recommendations to choose an insurance company. This gives you seven years of wages at 70%. All other trademarks and copyrights are the property of their respective owners. 99. What is the most important part of an insurance agents job? Sum Assured as chosen by the Working Spouse under the Plan. E. It is permanent life insurance. Here's how to calculate the estimated life insurance need: 1. E. All of these affect the price. If you have a multiyear level term policy, A. With comprehensive coverage features like accidental benefit, increasing/ decreasing cover and whole life cover, the policy also offers a Spouse cover. You are the wage earner in a typical family, with $55,000 gross annual income. B. A. Investment Advisory Services provided by Smallwood Wealth Investment Management, LLC, an SEC registered investment advisor. To unlock this lesson you must be a Study.com Member. \end{array} 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. About ___ of the U.S. life insurance companies are stock companies. Which of the following riders should she consider? Of course, it would be a tragedy were something to happen to your spouse. All of the following are major rating agencies for insurance except A. $12,000 in 15 years. Catherine Carey has made the choice to stay home, and raise her three kids while her husband works. Of the following, which one is the most positive feature of whole life insurance? D. A deferred annuity allows an individual to receive payments from a life insurance policy at some future date. Each of you How much term does a non-working spouse get? D. Fund expense. The "Nonworking" spouse method of estimating life insurance includes factors such as Social Security and liquid assets. E. Single year term. B. Renewable term. D. Your premium will not increase when you renew it. 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! Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family need method, 31. Which of the following provisions should she take action on? E. 60 days. This method has you multiplying your annual gross income by 70% and then multiplying that by 7. What percentage of your income should you spend on life insurance? Using Exhibit 12-1, determine the life expectancy of a 40-year-old male. A. Using the DINK method, what should be your need for life insurance? 12-3 Instruction$86,100 This is a method that has you multiplying the number of years it takes the youngest child to reach 18 by $10,000. a. a way of calculating an inventory's value
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