Life Insurance
Financial Needs
•Final-expense needs (upon death). •Income-replacement needs.
•Readjustment-period needs. •Debt-repayment needs.
Strategies to Meet Financial
Needs
•Government benefits. •Existing assets.
Life Insurance Estimation
•Multiple-of-earnings approach
(multiplication of income by some number).
Term-Life Insurance (only
payable upon death)
•Guaranteed renewable term insurance.
•Guaranteed level-premium term insurance .
•Decreasing term insurance.
•Convertible term insurance (to cash-value).
•Group term life insurance.
Cash-Value (Permanent)
Insurance: Fixed Return
•Whole life insurance.
•Limited-pay whole life insurance (until certain age only).
•Adjustable life insurance.
•Modified life insurance (lower premium in
early years).