WebDec 18, 2010 · The easy method of determining life insurance is based on the rule of thumb that a "typical family" will need about 70 percent of a wage-earner's salary for seven years. TRUE The DINK (Duel Income No Kids) method ofdetermining life insurance needs assumes that the spouse will continue to workafter husband's/wife's death. WebNov 9, 2024 · Under the DINK method, the amount will be half of the total expenses. The computation is shown below: = Half amount of mortgage + Half amount of auto loan + …
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WebC Problem 12-8 Estimating Life Insurance Needs Using the DINK Method [LO12-2] You and your spouse are in good health and have reasonably secure jobs. Each of you makes about $40,000 annually. You own a home with a $100,000 mortgage, and you owe $11,000 on car loans. $2,000 in personal debt, and $3.000 in credit card loans. You have no other … Now, if it's just you and your spouse, you can use the DINK method. This is a method that has you adding half of all your debts plus funeral expenses. DINK stands for double income, no kids. For example, say you have a remaining mortgage of $30,000, a credit card balance of $11,000, and a personal loan of $5,000. … See more The first method is called the easy method. This method has you multiplying your annual gross income by 70% and then multiplying that by 7. This gives you seven years of wages at 70%. For example, if your … See more This next method is for those with just one wage earner in the family. This method is called the non-working spouse method. This is a method that … See more This last method is called the family need method. This is also the most thorough method. It's a method that has you calculating your immediate needs upon death, adding it to … See more
WebUsing the DINK method, what should be your need for life You are a dual-income, no-kids family. You and your spouse have the following debts: Mortgage = $250,000; Auto loan = $17,200; Credit card balance = $2,290; and other debts = $6,450. Further, you estimate that your funeral will cost $7,000. WebEstimating Life Insurance Needs Using the DINK Method: Total insurance need: $63,000 You are a dual-income, no-kids family. You and your spouse have the following debts: …
WebC Problem 12-8 Estimating Life Insurance Needs Using the DINK Method [LO12-2] You and your spouse are in good health and have reasonably secure jobs. Each of you … WebFeb 11, 2024 · The DINK method is an essential tool in insurance needs estimation. DINK is an abbreviation for “dual income, no kids”. Using the DINK method to calculate the …
WebThe DINK method of determining life insurance needs reccomends adding an additional insurance cushion if your spouse is? This problem has been solved! You'll get a detailed …
WebTest Bank Kapoor 13e chapter 12 - Personal Finance, 13e (Kapoor) Chapter 12 Life Insurance Most - Studocu Test bank for Personal Finance 13th Edition By Jack Kapoor and Les Dlabay and Robert J. Hughes and Melissa Hart ISBN10: 1260013995 ISBN13: 9781260013993 DismissTry Ask an Expert Ask an Expert Sign inRegister Sign … janet jackson today pictures 2022WebIndividual Term Life Insurance MEA Member Life Insurance MEA Financial Services Complete our online form below for yourself and/or other family members to receive a no … janet jackson treasure island casinoWebFeb 2, 2024 · DINK (Dual income, no kids) is a slang phrase for households with two incomes and no children. DINKs tend to have higher disposable incomes because they don't have the expenses associated with ... lowest price baby blanket yarnWebAs per DINK method, a person will require life insurance … View the full answer Transcribed image text: QUESTION 5 The total debts of you and your spouse include the following: mortgage, $180,000; auto loan, $10,000; credit card balance, $2,000; and personal debts of $6,000. Further, you estimate that your funeral will cost $4,000. lowest price awd sedanWebUsing the DINK method, the need for life insurance can be calculated by adding up all the debts and expenses, including the mortgage, auto loan, credit card balance, other debts, and funeral expenses, and multiplying by a factor of 1.5. Therefore, the need for life insurance would be ($244,000 + $19,600 + $2,400 + $6,640 + $5,000) x 1.5 = $395,640. janet jackson tribute to michaelWebEach month she pays $1,200 in rent, $42 for life insurance, and $240 for her auto loan. What percentage of her budget goes for these fixed expenses? A Answer:40% Total Fixed expenses / projected income = ($1,200 + $42 + $240) / $3,700 = $1,482 / $3,700 = 0.40 = 40% 16 Q A taxable investment produced interest earnings of $1,200. janet jackson together again tour 2023WebWhat is your life insurance requirement by the DINK method? The exchange rate is 17.32 MXN/USD. 9. Your monthly income is $89,000. The funeral expenses would be $107,000. Your spouse and you have a mortgage of $3,680,000, a car loan for $280,000, credit cards that have a balance of $63,600. lowest price awd car 2017