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Now, if it's just you and your spouse, you can use the DINK method. With comprehensive coverage features like accidental benefit, increasing/ decreasing cover and whole life cover, the policy also offers a Spouse cover. She may need to change her coverage as her needs change. A. Or, you can call us at (800) 797-1000. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method, 28. MAY LOSE VALUE, INCLUDING LOSS OF PRINCIPAL. Another name for temporary life insurance is A. The sooner a person is likely to die, the lower the premiums he or she will pay. Try refreshing the page, or contact customer support. The settlement option that pays the life insurance proceeds to the beneficiary for as long as she or he lives is called A. Lump-sum payment. Cash value. \text{Prepaid assets}&&\text{1,364}\\ STEINERCOLLEGEStatementofFinancialPositionJune30,2019(amountsinthousands)\begin{array}{c} A. 70. The DINK method has you adding half of all your debts to your funeral expenses. Call the State Commissioner's Office for your State. The Policy will terminate after payment of this benefit. 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. Which method are they using to determine their life insurance needs? In many cases, the answer is yes. B. In most cases, the life insurance offered to the stay-at-home spouse depends on the coverage and income of the earning counterpart. Whole life B. \quad\text{Deposits held in custody for others}&&\text{700}\\ E. The policy requires that you pay a specified premium each year for the rest of your life. Fixed annuity B. One such cover by Canara HSBC Life Insurance Company is the iSelect Smart360 Term Plan. Use A. insurance needs using the DINK method. 41. How to estimate life insurance requirements for a non working spouse? 'QP2?^03dw 6x ;!;RTkz}Sc;)iI B. Multiyear level term. C. A life insurance policy allows an individual to receive payments from an annuity at once. So to recap, you can not take out a life insurance policy on someone without their knowledge, and no one should be able to do it to you. Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2020. E. None of these is correct. Which of the following statements is correct? 44. 75. Your premium may increase if you continue it for another term because you will be older. E. It is permanent life insurance. 67. In other words, you will have to show why you want to insure the individual. Bonnie is most concerned about being able to buy additional insurance without undergoing medical exams. Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. B. C. It is better to fund a variable annuity before fully funding your IRA, Keogh, or 401(k). Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document issued by the insurance company. Under this approach, the insurance purchased is based on the value of the income the insured breadwinner can expect to earn during his or her lifetime. If we really see it through the lens, probably the Non-working Spouse, as the life insurance industry calls it, has more of the work to do without getting paid as much as its office-going counterpart. E. No interest will accumulate for any loans related to life insurance. f. include taxes, storage fees, and handling costs, Purchasing a life insurance policy is a basic and inexpensive task, Life insurance benefits may be used to pay off a home mortgage or other debts at the time of death, The sooner a person is likely to die, the lower the premiums he or she will pay, Life expectancy for men is longer than that for women, Life insurance is a wise purchase of all individuals, The "Nonworking" spouse method of estimating life insurance includes factors such as Social Security and liquid assets, The "Family Need" method of estimating life insurance includes factors such as social security and liquid assets, Decreasing term pays less to the beneficiary as time passes, The beneficiaries of someone who dies by suicide will never be eligible to receive any benefits from his or her life insurance policy, Competition among companies with comparable policies can affect the price a company charges for life insurance, An interest-adjusted index is a method evaluating the cost of life insurance by taking into accounting the time value of money, The lower the interest-adjusted index, the lower the cost for 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, The most common settlement option for a life insurance program is the lump-sum payment, If you switch life insurance policies, you will automatically still be insurable, Annuities are more attractive for people who expect to live only a short time, The earnings from an investments in an annuity is taxed the same as earnings from an investment in the certificate of deposit, An administrative fee of $150 per year may be deducted to cover record-keeping and other administrative expenses related to a variable annuity, When you buy life insurance, you are making a contract with the company issuing the policy where you agree to pay a premium periodically, If you have misplaced a life insurance policy, your state's insurance commission may be able to help you locate it, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. succeed. Estimate how much life insurance Tim and Allison should carry to cover Allison. Please consult your independent tax advisor for details. Besides getting money into the family, the non-working spouse holds a responsibility for everything that doesnt offer bonus, perks, and promotions. Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits, 62. False. One of the most common questions we hear is, Can my non-working spouse qualify for life insurance? The answer is yes! C. Tell you why her product is better than the competitors. Past performance of the investment funds do not indicate the future performance of the same. D. Life income option. A. C. Policyholder. This problem has been solved! Allison is a "nonworking" spouse who devotes all of her time to household activities. 3.The maturity benefit calculated for a 25 years old healthy male who has opted for Canara HSBC Life Insurance Guaranteed Savings Plan with Guaranteed Savings Option through insurers website, annual premium Rs. The Policy Term, Premium Payment Term and the premium payment mode remains the same for the Spouse, as yours. DESIGNED BY: INTERSOFT ASSOCIATES. The process standard deviaton Which of the following policies would meet her needs? Investment Advisory Services provided by Smallwood Wealth Investment Management, LLC, an SEC registered investment advisor. The maturity benefit is Rs. Academic support 23,300 We are living in times of uncertainty. Variable life C. Universal life D. Adjustable life E. Decreasing term life. It equals the cost of replacing the property. You heard about several methods you can use to calculate your life insurance needs. Determine an estimated regression equation that can be used to predict the overall score given the score for Shore Excursions. Which of the following life insurance policies should she apply for? C. A life insurance policy allows the beneficiary to receive proceeds at some future date. E. Pay taxes. A. E. An insurance company will calculate the annual amounts to pay each person for an annuity. A. For example, say you're the only one working in your family and your youngest child is three. You policy will continue for one year. A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period. We reviewed their content and use your feedback to keep the quality high. The rule of 70 is a calculation to determine how many years it'll take for your money to double given a specified rate of return. Mortgage = $190,000; Auto loan = $10,000; Credit card balance = $2,000; and other debts = 2.Guaranteed Benefits - Provided all premiums have been paid as and when due and the policy is in-force. Pay off a mortgage. Which of the following is NOT a feature of whole life insurance? Important Life Insurance Policy Provisions, After-Tax Rate of Return: Definition & Formula, Standard Deviation of Returns | Overview, Investment Volatility & Formula. B. Which of the following is a poor choice for the amount of protection offered for an individual? 25. Which of the following is a charge you will pay when you purchase a variable annuity? Your spouse expects to continue lessons in math, English, science, history, and more. During the year, charges for tuition and fees were $244,500; scholarships were$16,300; and tuition waivers for scholastic achievement were $5,100. All other trademarks and copyrights are the property of their respective owners. B. Mortality and expense risk charge. \textbf{STEINER COLLEGE}\\ The question is, how big are yours? Continuing a mini-series on life insurance, he discusses life insurance for spouse (who does not work or who works part-time). Dividend policy B. Nonparticipating policy C. Mutual policy D. Participating policy E. Stock policy, 34. This is a very common type of policy taken by homeowners who want to support their children financially. Which of the following households most likely has the greatest need for life insurance? Which of the following provisions should she take action on? E. All of these. Benefits of Life Insurance U ^s1xRpbD#rYNrJC.aeD=U]Sik@X6G[:b4(uH%-+0A?t>vT9. 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. You can take out a life insurance policy on your spouse if you have an insurable interest. A. Adjustable life B. Protection against loss of life for a specified term. Note: The categorization of Spouse into Working and Non-Working will be as per the Companys Board Approved Underwriting Policy (BAUP). The premium shall be adjusted on the due date even if it has been received in advance. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method. Bill is worried about being able to pay his premium if he is totally and permanently disabled before age 60. Your spouse expects to continue to work after your death. What is the cost of living in California? With an available asset of $500,000 in savings, your life insurance requirement is $1,355,000 - $500,000 = $855,000. You and your spouse have the following debts: Using the nonworking spouse method, what should be the life insurance needs for a Insurance Need: . Group life C. Limited life D. Universal life E. Variable life, 49. The average cost of life insurance is $27 a month.