Francisco and Maria have three children and want to complete a detailed worksheet to determine the amount of life insurance they need to purchase.Which method are they using to determine their life insurance needs?

Question

Quizplus · Accepted Answer

Francisco and Maria are using the family need method, which takes into account their current and future financial needs, such as paying off a mortgage and providing for their children's education, as well as their current savings and existing life insurance policies. This method is more comprehensive and tailored to their specific situation than the easy or nonworking spouse methods, and more applicable than the dual income, no kids method. The formal calculation method is also a possibility, but it requires more complex calculations and input from a financial advisor.

Francisco and Maria Have Three Children and Want to Complete