Term
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Definition
| mortgage redemption fun, educational fund, and emergency fund |
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Term
| the amount of monthly income needed by surviving family members is greatly reduced when monthly mortgage pmts or rent pmts are not required |
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Definition
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Term
| the family head may want to provide this b/c if the children decided to attend a private college or university, the cost will be considerably higher than for a public institution |
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Definition
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Term
| an unexpected event may occur that requires large amts of cash, such as major dental work, home repairs, or a new car, so the family should have an |
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Definition
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Term
| b/c the family head may survive until retirement, the need for what should also be considered? |
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Definition
| an adequate retirement income |
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Term
| most retired workers are eligible for |
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Definition
| social security survivor benefits and benefits from their employer |
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Term
| the major advtg of the needs approach is that it is a reasonably accurate method for determining the amt of life insurance to own when |
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Definition
| specific family needs are recognized |
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