Determine how various insurance options can fit

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Reference no: EM133327476

Question: Determine how various insurance options can fit into a persona financial plan appropriate to various life stages and circumstances.

Step #1: (just make up randon scenario please except for age, in five years i will be 23 in 10 years i will be 28) Thankyou.

Estimate your family income/situation in five years (consider further out than five years if you intend to have a partner and children in the future - maybe 10 years?):

Two Income?

Children?

Homeowner?

Ages of all members

Step #2-A

Determine the types or insurance vou will reguire:

Home? (Purchase Price/Value)

Heat Type

• Location (Urban/Rural - Fire Hydrant distance, distance to work)
Coverage required

o Estimated cost per vear

Auto s)? (Make, model, year)
S Amount of Coverage required
Collision Coverage required /not required
Estimated cost per year
Life? (Ages)
Coverage type (Term, Whole Life)
Amount Required

Estimated cost per year

Step #2-B

Determine the amount of Life Insurance needed using the Income AND Family method

Calculate coverage required using Income Method

Calculate the coverage needed using the Family Need Method

Sten #3

An Other Insurance reguired?

Reference no: EM133327476

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