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Investments glossary

Needs Approach

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An inexhaustible good nature is one of the most precious gifts of heaven, spreading itself like oil over the troubled sea of thought, and keeping the mind smooth and equable in the roughest weather.

— Washington Irving

The needs approach is a way of determining the appropriate amount of life insurance coverage an individual should purchase. This approach is based on the creation of a budget of expenses that will be incurred, including funeral expenses, estate settlement costs, and replacement of a portion of future income to sustain the spouse or dependants.


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