WebAug 3, 2024 · When is the dependency period for life insurance? Dependency period. This is the period after the death of a spouse and the survivor must have enough … WebA. needs for last illness and burial expenses B. maintenance income for the family for a period after the death of the principal wage earner C. the individuals net annual salary D. continuing income for the surviving spouse. A. family dependency period. Carol's husband dies, leaving her with a 5-year old daughter to support. ...
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WebA family’s income needs should be divided into the following three income periods. 1. FAMILY DEPENDENCY PERIOD The family’s income needs will be the greatest during this period because the surviving spouse sometimes has young children at home. 2. PRE-RETIREMENT PERIOD This is the period of time when the surviving spouse is not … WebFamily dependency period income If the insured dies during the grace period of an unpaid life insurance policy, the amount payable to the beneficiary is usually the: (64) a. … maritieme hightech
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For tax purposes, a dependentis someone “other than the taxpayer or spouse” who qualifies to be claimed by someone else on a tax return. More generally speaking, a dependent is someone who relies on another person for financial support, such as for housing, food, clothing, necessities, and more. Typically, this … See more If you have a family, you need to know how the IRS defines “dependents” for income tax purposes. Why? Because it could save you thousands of dollars on your taxes. For tax … See more The IRS rulesfor qualifying dependents cover just about every conceivable situation, from housekeepers to emancipated offspring. Fortunately, most of us live simpler … See more Earned income tax credit: The earned income tax creditis the largest financial support program for working people with low to moderate income. The refundable tax credit works by … See more Married filers with two minor children If you file jointly with your spouse and have two minor children who don’t earn income and live with you for more than half the year (though some … See more WebA family's need for income is greatest during the. The Family Dependency Period is the time after the insured has died, leaving a surviving spouse with dependent children to support. It may perform the function of cash accumulation. WebThe family's income need will be greatest during this period. Preretirement Period This period after the children are not longer dependent upon the surviving spouse qualifies … mariti cassavetes streaming