To discuss: The purpose of life insurance and discuss whether everyone requires life insurance.
Explanation of Solution
The life insurance gives payment to a particular beneficiary during the death of the policyholder. It permits the individuals to remove or substantially decrease the financial effects of their death on dependents. The life insurance is mainly significant to safeguard a financial situation of the family in few happenings that when the breadwinner of a family dies, expenditures like medical expenses or burial expenses might be covered by the life insurance. If nobody depends on the income of the individual, then life insurance might not be required.
Want to see more full solutions like this?
Chapter 13 Solutions
Personal Finance, Student Value Edition Plus MyLab Finance with Pearson eText -- Access Card Package (6th Edition)
- If you will suggest to someone, which is better to have a life insurance or non life insurance? Why?arrow_forwardWhat were your feelings about your need for life insurance before you read this chapter? What are they now? What is the difference between Term and whole life insurance? Which one do you prefer? and why?arrow_forwardIf you will suggest to someone, which is better to have a life insurance or non life insurance? Justify.arrow_forward
- what is life insurancearrow_forwardWhat are the benefits of having third-party insurance?arrow_forwardPros and cons of long-term care insurance. Discuss the pros and cons of long-term-care insurance. Does it make sense for anyone in your family right now? Why or why not? What factors might change this assessment in the future?arrow_forward
- What is life insurance company?arrow_forward4. How do insurance companies determine how much you should pay for your insurance coverage?arrow_forwardWhat is Social Security and what are some of the benefits/advantages? There are different types of beneficiaries. Name as many as you can. What age can you begin drawing for old age Benefits? What are some of the reasons that you may want to WAIT to begin drawing Social Security?arrow_forward
- Pfin (with Mindtap, 1 Term Printed Access Card) (...FinanceISBN:9780357033609Author:Randall Billingsley, Lawrence J. Gitman, Michael D. JoehnkPublisher:Cengage Learning