StudentShare solutions
Got a tricky question? Receive an answer from students like you! Try us!

Essay example - Insurance

Only on StudentShare
Pages 2 (502 words)
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…

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 ...
Download paper
Not exactly what you need?

Related papers

Car Insurance
Due to the nature and dynamics of the car industry, it is faced with massive risks especially due to accidents which may occur at any time. Statistics indicate that the automobile industries faces the most number of accidents and property loss as compared to other sectors that other insurance policy covers, Laws in almost all countries forbid the driving of automobile without necessary insurance…
4 pages (1004 words)
AIG Insurance
Though the company had to endure seventeen long years in the wait, the breakthrough came when AIG had already owned twelve subsidiaries in China allowing it to apply for an insurance license. The group had access to the Chinese market through its subsidiaries and by getting licenses to sell various insurance products in multiple cities, AUIG was able to break into the institutional void of the…
3 pages (753 words)
Insurance College Essay
The population of Californian state have jointly recommended that the favour under persistency discount shall be offered to all the owners of all the insured vehicles. The persistency discount was additional favour towards the old customers; however the residents have claimed that they should be entitled for this persistency discount as well. It is debated that persistency discount was a trap, if…
3 pages (753 words)
Workers Without Health Insurance
It will finally draw a conclusive recommendation on how workers can be provided with medical covers to enhance their heath care service provision.…
9 pages (2259 words)
The insurance system today is so much integrated in our society that life without an insurance plan looks impossible. The insurance companies have spread their roots and are insuring everything and anything.…
5 pages (1255 words)
Insurance Practices
On one hand and often uppermost in the mind of the healthcare organizations, they may estimate the upper limit of the compensation they may need to claim and then compare the premium which they must pay. On the other hand, important factors also include the nature of the insurer, the way the insurer manages claims, the obligations and benefits specified in the policy and possibilities of…
3 pages (753 words)