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Which of the four methods would result in the most reasonable estimation of insurance need?

2 min read
Posted on 
May 21st, 2023
Home Homework Help Which of the four methods would result in the most reasonable estimation of insurance need?
There are four ways to determine insurance requirements: asset replacement, annuity present values, life-value approach and benchmarking by industry. The present value annuity method is the one I think will give the best estimate of the insurance needs. This method takes into account all future expenses associated with a person’s death such as funeral costs, educational expenses for their children and any debts they may have. This calculation is accurate because it takes inflation into account and also considers current/future financial conditions. Additionally, this method allows for flexibility as it can be tailored according to individual needs & preferences while also providing long-term financial security should something unexpected occur.

In comparison to other methods such as asset replacement which only looks at current assets & liabilities or industry specific benchmarks which provide a general estimate based on averages across sectors this approach provides more comprehensive coverage making it ideal for those who require greater certainty over their financial outlook if/when faced with unfortunate events.

In conclusion, using the present value of an annuity approach when estimating insurance need results in more accurate & comprehensive calculations making it one of the best options available when looking to make sure you have adequate coverage going forward.

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