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Current Social Security benefits are detailed in the following table. Remember, that survivor benefits are paid to surviving children younger than age 18, to a surviving spouse caring for surviving children younger than age 16, and to a surviving spouse aged 60 or older. Benefit Present annual income $35,000 $55,000 $45,000 $20,400 $22,800 Annual retirement benefit (at age 67 in today's dollars) Annual individual survivor benefit Maximum annual family benefit $17,160 12,480 30,960 $75,000 $27,240 19,920 46,560 14,760 17,040 40,800 36,120 The table of interest factors that can be used to compute the present value of an annuity is: Interest rate Years 3% 4% 5% 6% 7% 14 10.6350 9.9856 9.3936 8.8527 8.3577 15 11.9379 11.1184 10.3797 9.7122 9.1079 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 12.JUI 11.UZD 10.070 T.10 3.700 17 13.1661 12.1657 11.2741 10.4773 9.7632 18 13.7535 12.6593 11.6896 10.8276 10.0591 20 14.8755 13.5903 12.4622 11.4699 10.5940 25 17.4131 15.6221 14.0939 12.7834 11.6536 30 19.6004 17.2920 15.3725 13.7648 12.4090 35 21.4872 18.6646 16.3742 14.4982 12.9477 Your twin's survivor benefits are currently expected to total per year for years. When they are discounted at 5% for this amount of time, using the 16-year interest annuity factor of 10.8378, they are expected to total . The computation of your spouse's survivor benefits, on the other hand, are more complex. Your spouse should expect to receive survivor benefits until your children are years of age. Given your present annual income, spousal benefits are estimated to be per year. (Hint: Don't forget that there is a maximum annual family benefit that may reduce the amount of your spouse's annual benefit.) When discounted at 5%, using the 14-year interest annuity factor of 9.3936, these spousal benefits should total According to the rules of the Social Security Administration, your spouse will experience a benefit blackout for the date on which the twins turn 18 until the spouse's 60th birthday. Your spouse will realize a Social Security blackout period that lasts for until age 60. 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". Final expense needs Income replacement needs Readjustment period needs Debt-repayment needs College expense needs Other special needs Total financial need Less: Total government benefits Less: Current insurance assets Additional life insurance needed $ Which of the following statements regarding life insurance policies are true? Check all that apply. O A beneficiary does not have to pay taxes on the death benefit of a life insurance policy. It is illegal for a policyholder to borrow against the accumulated cash value of their life insurance policy. Term policies have a lower cost than otherwise identical cash-value policies. Death due to suicide is frequently excluded from coverage in life insurance agreementsbut usually only for the first two years of a policy. Current Social Security benefits are detailed in the following table. Remember, that survivor benefits are paid to surviving children younger than age 18, to a surviving spouse caring for surviving children younger than age 16, and to a surviving spouse aged 60 or older. Benefit Present annual income $35,000 $55,000 $45,000 $20,400 $22,800 Annual retirement benefit (at age 67 in today's dollars) Annual individual survivor benefit Maximum annual family benefit $17,160 12,480 30,960 $75,000 $27,240 19,920 46,560 14,760 17,040 40,800 36,120 The table of interest factors that can be used to compute the present value of an annuity is: Interest rate Years 3% 4% 5% 6% 7% 14 10.6350 9.9856 9.3936 8.8527 8.3577 15 11.9379 11.1184 10.3797 9.7122 9.1079 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 12.JUI 11.UZD 10.070 T.10 3.700 17 13.1661 12.1657 11.2741 10.4773 9.7632 18 13.7535 12.6593 11.6896 10.8276 10.0591 20 14.8755 13.5903 12.4622 11.4699 10.5940 25 17.4131 15.6221 14.0939 12.7834 11.6536 30 19.6004 17.2920 15.3725 13.7648 12.4090 35 21.4872 18.6646 16.3742 14.4982 12.9477 Your twin's survivor benefits are currently expected to total per year for years. When they are discounted at 5% for this amount of time, using the 16-year interest annuity factor of 10.8378, they are expected to total . The computation of your spouse's survivor benefits, on the other hand, are more complex. Your spouse should expect to receive survivor benefits until your children are years of age. Given your present annual income, spousal benefits are estimated to be per year. (Hint: Don't forget that there is a maximum annual family benefit that may reduce the amount of your spouse's annual benefit.) When discounted at 5%, using the 14-year interest annuity factor of 9.3936, these spousal benefits should total According to the rules of the Social Security Administration, your spouse will experience a benefit blackout for the date on which the twins turn 18 until the spouse's 60th birthday. Your spouse will realize a Social Security blackout period that lasts for until age 60. 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". Final expense needs Income replacement needs Readjustment period needs Debt-repayment needs College expense needs Other special needs Total financial need Less: Total government benefits Less: Current insurance assets Additional life insurance needed $ Which of the following statements regarding life insurance policies are true? Check all that apply. O A beneficiary does not have to pay taxes on the death benefit of a life insurance policy. It is illegal for a policyholder to borrow against the accumulated cash value of their life insurance policy. Term policies have a lower cost than otherwise identical cash-value policies. Death due to suicide is frequently excluded from coverage in life insurance agreementsbut usually only for the first two years of a policy