Insurance - Essay Example

Only on StudentShare

Extract of sample

Life insurance needs to be purchased for an amount that takes all expenses into consideration. It is estimated that life insurance will be required for an amount of $1,025,000. Following calculation sheds light on this figure:
75% of consolidated income is required for 14 years for reason as noted above. University expenses are calculated for 4 years for both Mike and Karen. It is assumed that before the university, expenses will be managed from the family maintenance fund.
According to the needs approach, when calculating expenses, it is best to overestimate needs a little. The idea is to buy and pay for a little more insurance than to underestimate and realize mistake when it is too late.
The particular product that may meet the requirement to close the gap should be bought. Insurance consultants can be contacted for assistance in this matter to learn which product will be the most appropriate from a cost-benefit perspective.
Long-term care insurance: Long-term care is typically needed by the elderly, but it is also required by anyone with a debilitating illness or injury who needs assistance to perform activities of daily living (ADLs) like bathing, feeding, and getting dressed (Beam, Wiening, Bickelhaupt 2005). Long-term care insurance ensures that any costs associated with care are covered, thereby lessening the financial burden on oneself and family.
Disability-Income (DI) Insurance: This insurance product provides s ...Show more


Funeral expenses will be an estimated $5,000. The family would require $60,000 per year (which is 75% of $80,000) for the family maintenance fund. Child-care expenses can be looked after by the $1,000/month survivors' benefits. The youngest child is 11 years old…
Author : hyattblanca
Save Your Time for More Important Things
Let us write a custom essay on your topic
"Insurance Essay"
with a personal 20% discount.
Find out more

Related Essays

Car Insurance
Risks covered by insurance companies are broadly classified as pure risks and speculative risk. Pure risk don't result in financial gain by the policy holder while speculative risks on the other hand protects the policy holders such as big business venture from large financial losses (Baldwin 45).
4 pages (1000 words) Essay
AIG Insurance
The fact that Chinese people viewed life insurance as a bringer of bad luck meant that the Chinese government cared little about changing its laws pertaining to the issuance of licenses to foreign insurance companies to operate in China. However, despite the institutional void, the American Insurance Group was the first to gain a license to operate insurance products.
3 pages (750 words) Essay
Insurance College Essay
The persistency factor is among the 16 optional factors which determine the insurance rate. The persistency discount is actually an appreciation amount by the insurer to the vehicle owner due to his long affiliation with the insurance firm. The persistency discount was offered to the old customers aligned with the legislations of Department of Insurance.
3 pages (750 words) Essay
Workers Without Health Insurance
This paper will discuss the issue of health care provision through provision of medical cover to workers. It will also dwell on the implications of lack of insurance for workers in the U.S leading to people becoming medically disenfranchised. It will also look at the disparities that arise as a result of high cost of insurance covers in the modern society and how this will affect other sectors like the economy, education, aging population and other social implications by linking the relationship between nursing and medical cover policies and systems.
9 pages (2250 words) Essay
The insurance companies are there to help us in the time of our needs. But there are no free lunches in the world. The insurance customer needs to pay to an insurance company to buy the satisfaction that if anything bad happens to him/her they will be there to fix everything.
5 pages (1250 words) Essay
Insurance Practices
However insurance is not the same as risk management and insurers will expect the insured, meaning the healthcare organization, to have suitable risk management policies in place (Bell). Particular considerations apply for a healthcare organization in choosing an insurance company and policies.
3 pages (750 words) Essay
Organization Development
ganizational development comes about when the managers of the organization realize that there is still some potential for the organization to improve its performance (Cummings & Worley, 2008). Scholars thus assert that though an organization might be successful, it may still
6 pages (1500 words) Essay
a “pay-per-km (Pay-As-You-Drive or PAYD)” but has evolved in recent days to comprise the concept of “Pay-How-You-Drive (PHYD),” signifying that the insurance premium is calculated on the basis of “how” one drives the vehicle rather than “how far” one drives it
6 pages (1500 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email