Your agent has told you to think about immediate needs at the time of death,debt elimination funds,immediate transitional funds,dependency expenses,spousal life income,educational expenses for the children,and retirement income.What has he described?

Question

Quizplus · Accepted Answer

The agent has described the needs approach, which analyzes the financial needs of the insured's beneficiaries at the time of his/her death and considers their immediate and future financial obligations, such as debt elimination, transitional expenses, dependency costs, spousal income needs, education costs, and retirement income. The needs approach focuses on the amount of money that would be required to maintain the standard of living of the beneficiaries after the death of the insured.

Your Agent Has Told You to Think About Immediate Needs