Sam figures it will take $250,000 invested at 6% to provide suitable income to his family for 12 years. He would also like to have $40,000 set aside to educate his two children. Sam's current savings is $20,000. How much life insurance does he need using the budget method?
A) $190,000
B) $250,000
C) $270,000
D) $310,000
Correct Answer:
Verified
Q81: An employer provides all employees with term
Q82: Name four factors that are utilized in
Q83: Describe the two methods used to determine
Q84: Use the following two columns of items
Q85: The budget method of estimating life insurance
Q87: The constitutional beneficiary is the person who
Q88: Which of the following will increase your
Q89: If you determine your life insurance needs
Q90: All of the following are limitations of
Q91: Using the income method and employing a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents