Multiple Income Approach
Life insurance plays a significant role in promoting a smooth transition that enables individuals to overcome different challenges, which affect their lifestyle. In this life insurance package, the insurance company calculates the breadwinner’s salary for a specified timeline that will benefit the beneficiaries. Families with a single breadwinner should embrace this package because of its benevolent aspects that expose individuals to an enabling environment where they can benefit from the accumulated fund and interest. From this realization, adopting this package requires individuals to indicate the amount that the survivors can access to overcome various challenges, which interfere with their way of life after the demise of the breadwinner.
Human Life Value Approach
Career men and women should enroll for this insurance package because of its ability to secure their post-retirement phase that affects their ability to overcome issues, which hinder them from achieving their desired objectives. Many of these unforeseen events subject families to situations that interfere with their ability to access basic amenities such as food, shelter, and even education or medical care. Just like the multiple income approach, the human life value concept analyzes the challenges that will be experienced by a family and their impact on their lifestyle.
Capital Needs Analysis
If the revenue and income streams are interrupted, individuals encounter different challenges that affect their ability to sustain themselves and overcome challenges taking place in their surroundings. Importantly, many individuals in the corporate world are targeted by insurance packages using the capital needs model to allow individuals to secure their future and access benefits when their income streams are affected. Understanding the changing needs of individuals and exposing them to an enabling environment allows individuals to focus on generating certain aspects that dictate the nature of interactions that should be explored in the contemporary world.