Patrick is preparing a worksheet to estimate the amount of life insurance he needs. He estimates his final expenses needs to be $25,000, and estimates family expenses needs to be $425,000. He estimates his special needs to be $200,000. Patrick’s total financial assets are $450,000, including $250,000 of life insurance and $100,000 in a Section 401(k) plan. Using the needs approach, how much additional life insurance does Patrick need?

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Patrick is preparing a worksheet to estimate the amount of life insurance he needs. He estimates his final expenses needs to be $25,000, and estimates family expenses needs to be $425,000. He estimates his special needs to be $200,000. Patrick’s total financial assets are $450,000, including $250,000 of life insurance and $100,000 in a Section 401(k) plan. Using the needs approach, how much additional life insurance does Patrick need?

A. $ 0

B. $175,000

C. $200,000

D. $400,000

Answer: C. $200,000

The above question Patrick is preparing a worksheet to estimate the amount of life insurance he needs. He estimates his final expenses needs to be $25,000, and estimates family expenses needs to be $425,000. He estimates his special needs to be $200,000. Patrick’s total financial assets are $450,000, including $250,000 of life insurance and $100,000 in a Section 401(k) plan. Using the needs approach, how much additional life insurance does Patrick need?, Was part of Insurance MCQs & Answers. I hope you got the correct answer to your question. Have a great time ahead.