Financial protection Flashcards
1
Q
What are the 5 headings in a financial dependency position table?
A
- Name
- Age
- Family position
- Dependent(s)
- Insurability
2
Q
What 3 things does a life cover calculator distinguish between?
A
- immediate capital needs
- LT income needs
- ST income needs
3
Q
With life cover calculators, assumptions are used to convert what?
A
Converting income needs to capital lump sums
4
Q
Name 2 things multiples are normally based on.
A
- temporary annuity rates (may change over time)
- number of years income needed
5
Q
Name 2 potential immediate capital needs on death of one spouse.
A
- Emergency cash funds to cover the delay while probate is obtained
- Funeral expenses
6
Q
What might form a large part of ST income needs for families?
A
Children’s living costs (less any potential CB) for xxx years
7
Q
For FIB, as with other life policies,
it is only marginally more expensive to write what compared to what?
A
two single life FIB policies to obtain double the cover than one joint life first death FIB policy
