Write a 175- to 350-word response to Case 6 on p. 317 in Ch. 10 of Personal Finance.
Complete “Do the Math”, #2 on p. 344 in Ch. 11 of Personal Finance.
Complete #1, “Calculating Life Insurance Need”, on p. 376 in Ch. 12 of Personal Finance.
Submit your assignment.
Determining My Life Insurance Needs (page 353)
NOTE: Results here may differ slightly than when using Appendix A in text due to rounding.
Factors Affecting Need
Sample Only
REPLACE Your Own Figures
1. Income-replacement needs*
$823,219
2. Final-expense needs
$ 12,000
3. Readjustment-period needs
$ 19,000
4. Debt-repayment needs
$ 10,000
5. College-expense needs
$ 75,000
6. Other special needs
$ –
7. Subtotal (combined effects of items 1–6)
$ 939,219
8. Government benefits**
$390,370
9. Investment Assets Available
$0
10. Current Life Insurance In Place
$ 98,000
11. Life insurance needed
$ 450,848
*Income Replacement Needs Calculator
Current Annual Income
$56,000
Percent of Annual Income To Be Replaced
75%
Annuity Amount (% desired of annual income)
$42,000
i (assumed interest rate
3.00%
n (number of annuity payments)
30
PV (present value) of Income Replacement Needs
$823,219
**Present Value of Social Security Benefits Calculator
Estmated Monthly Benefit (See Appendix B in Text)
$2,725.00
Estimated Annual Benefit
$32,700
i (assumed interest rate
3.00%
n (number of annuity payments)
15
PV (present value) of Government Benefits
$390,370
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