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Your current short term debt-repayment needs are , and reflect the costs of your Current Social Security benefits are detailed in the following table. Remember, that survivor benefits are paid to Your twin's survivor benefits are currently expected to total per year for years. When they are discounted at 4% for this ar surviving children younger than age 18, to a surviving spouse caring for surviving children younger than age 16, of time, using the 16-year interest annuity factor of 11.6523, they are expected to total . The computation of your spouse's sur and to a surviving spouse aged 60 or older. benefits, on the other hand, are more complex. Your spouse should expect to receive survivor benefits until your children are years Given your present annual income, spousal benefits are estimated to be per year. (Hint: Don't forget that there is a maximum a Benefit family benefit that may reduce the amount of your spouse's annual benefit.) When discounted at 4%, using the 14-year interest annuity factor Present annual income $35,000 $45,000 $55,000 9.9856, these spousal benefits should total $75,000 Annual retirement benefit (at age 67 in today's dollars) $17,160 $20,400 $22,800 $27,240 According to the rules of the Social Security Administration, your spouse will experience a benefit blackout for the date on which the twins turn Annual individual survivor benefit 12,480 14,760 17,040 until the spouse's 60th birthday. Your spouse will realize a Social Security blackout period that lasts for until age Maximum annual family benefit 36,120 40,800 46,560 19,920 30,960 The table of interest factors that can be used to compute the present value of an annuity is: Now use the data from your calculations above and that from your personal circumstances, to estimate the amount of life insurance your family requires using the needs-based approach. If your answer is zero, enter "0". Interest rate Final expense needs Years 3% 4% 5% 6% 7% 14 10.6350 9.9856 9.3936 8.8527 8.3577 Income replacement needs Readjustment period needs 15 11.9379 11.1184 10.3797 9.7122 9.1079 Debt-repayment needs 16 12.5611 11.6523 10.8378 10.1059 9.4466 17 13.1661 12.1657 11.2741 10.4773 9.7632 18 13.7535 12.6593 11.6896 10.8276 10.0591 College expense needs Other special needs Total financial need Less: Total government benefits $ 20 14.8755 13.5903 12.4622 11.4699 10.5940 Less: Current insurance assets 25 17.4131 15.6221 14.0939 12.7834 11.6536 Additional life insurance needed 30 19.6004 17.2920 15.3725 13.7648 12.4090 35 21.4872 18.6646 16.3742 14.4982 12.9477 Which of the following statements regarding life insurance policies are true? Check all that apply. Your current short term debt-repayment needs are , and reflect the costs of your Current Social Security benefits are detailed in the following table. Remember, that survivor benefits are paid to Your twin's survivor benefits are currently expected to total per year for years. When they are discounted at 4% for this ar surviving children younger than age 18, to a surviving spouse caring for surviving children younger than age 16, of time, using the 16-year interest annuity factor of 11.6523, they are expected to total . The computation of your spouse's sur and to a surviving spouse aged 60 or older. benefits, on the other hand, are more complex. Your spouse should expect to receive survivor benefits until your children are years Given your present annual income, spousal benefits are estimated to be per year. (Hint: Don't forget that there is a maximum a Benefit family benefit that may reduce the amount of your spouse's annual benefit.) When discounted at 4%, using the 14-year interest annuity factor Present annual income $35,000 $45,000 $55,000 9.9856, these spousal benefits should total $75,000 Annual retirement benefit (at age 67 in today's dollars) $17,160 $20,400 $22,800 $27,240 According to the rules of the Social Security Administration, your spouse will experience a benefit blackout for the date on which the twins turn Annual individual survivor benefit 12,480 14,760 17,040 until the spouse's 60th birthday. Your spouse will realize a Social Security blackout period that lasts for until age Maximum annual family benefit 36,120 40,800 46,560 19,920 30,960 The table of interest factors that can be used to compute the present value of an annuity is: Now use the data from your calculations above and that from your personal circumstances, to estimate the amount of life insurance your family requires using the needs-based approach. If your answer is zero, enter "0". Interest rate Final expense needs Years 3% 4% 5% 6% 7% 14 10.6350 9.9856 9.3936 8.8527 8.3577 Income replacement needs Readjustment period needs 15 11.9379 11.1184 10.3797 9.7122 9.1079 Debt-repayment needs 16 12.5611 11.6523 10.8378 10.1059 9.4466 17 13.1661 12.1657 11.2741 10.4773 9.7632 18 13.7535 12.6593 11.6896 10.8276 10.0591 College expense needs Other special needs Total financial need Less: Total government benefits $ 20 14.8755 13.5903 12.4622 11.4699 10.5940 Less: Current insurance assets 25 17.4131 15.6221 14.0939 12.7834 11.6536 Additional life insurance needed 30 19.6004 17.2920 15.3725 13.7648 12.4090 35 21.4872 18.6646 16.3742 14.4982 12.9477 Which of the following statements regarding life insurance policies are true? Check all that apply