Strategies to Meet Financial Needs Government benefits. Existing assets. Life insurance.
Life Insurance Estimation Multiple-of-earnings approach (multiplication of income by some number). Needs-based approach (multifactor).
Term-Life Insurance (only payable upon death) Guaranteed renewable term insurance. Guaranteed level-premium term insurance. Decreasing term insurance. Convertible term insurance (to cash-value). Group term life insurance. Credit (debt) term life insurance.
Cash-Value (Permanent) Insurance: Fixed Return Whole life insurance. Limited-pay whole life insurance (until certain age only). Adjustable life insurance. Modified life insurance (lower premium in early years). Endowment life insurance.