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Life Insurance 1

Life Insurance 1

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Published by pankajgupta

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Published by: pankajgupta on Dec 27, 2008
Copyright:Attribution Non-commercial

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11/25/2012

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11
Life InsuranceLife Insurance
Premature DeathPremature Death
Financial Impact of Premature DeathFinancial Impact of Premature Deathon Different Types of Familieson Different Types of Families
Amount of Life Insurance to OwnAmount of Life Insurance to Own
 Types of Life Insurance Types of Life Insurance
 
22
Premature DeathPremature Death
 The death of a family head with outstanding The death of a family head with outstandingunfulfilled financial obligations can causeunfulfilled financial obligations can causeserious financial problems for the survivingserious financial problems for the survivingfamily membersfamily members
 The deceased’s future earnings are lost forever The deceased’s future earnings are lost foreverAdditional expenses are incurred, e.g., funeralAdditional expenses are incurred, e.g., funeralexpenses, uninsured medical bills, and estateexpenses, uninsured medical bills, and estatesettlement costssettlement costsSome families will experience a reduction in theirSome families will experience a reduction in theirstandard of livingstandard of livingNoneconomic costs are incurred, e.g., grief Noneconomic costs are incurred, e.g., grief 
 
33
Premature DeathPremature Death
Life expectancy has increasedLife expectancy has increasedsignificantly over the past centurysignificantly over the past century
 Thus, the economic problem of premature Thus, the economic problem of prematuredeath has declineddeath has declinedMillions of people still die annually fromMillions of people still die annually fromheart disease, cancer and strokeheart disease, cancer and stroke
 The purchase of life insurance is The purchase of life insurance isfinancially justified if the insured hasfinancially justified if the insured hasearned income and others areearned income and others aredependent on those earnings fordependent on those earnings forfinancial supportfinancial support

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