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Lulubaobao · 2023年07月25日

为什么不扣除已有的term life policy with a death benefit of A$100,000

NO.PZ2023010410000025

问题如下:

Adrian and Olivia Barksdale live in Australia with their 16-year- old twins. Adrian, 47, works in a highly cyclical industry as an engineering manager at a bauxite mine. Olivia, 46, is an accountant. The Barksdales are saving for their retirement and college funding for both children. Adrians annual salary is A$190,000; Olivias annual salary is A$85,000. The familys living expenses are currently A$95,000 per year. Both Adrian and Olivia plan to work 18 more years, and they depend on their combined income and savings to fund their goals. The Barksdales new financial adviser, Duncan Smith, recommends an appropriate disability insurance policy to cover Adrian, given his large salary. Because he has a highly specialized job, Adrian is willing to pay for the most comprehensive policy available. Smith is also concerned about the Barksdales existing life insurance coverage. Currently, the Barksdales have a term life policy insuring Adrian with a death benefit of A$100,000. Smith assesses the familys insurance needs in the event Adrian were to die this year. To do so, Smith uses the needs analysis method based on the financial data presented in Exhibit 1 and the following assumptions:

The discount rate is 6.0%, and the tax rate is 30%.

Salary and living expenses grow at 3.5% annually.

Salary and living expenses occur at the beginning of each year.

The following assumptions apply in the event of Adrians death:

Olivia will continue to work until retirement;

Family living expenses will decline by $30,000 per year;

Olivias projected living expense will be $50,000 per year for 44 years; and

The childrens projected living expenses will be $15,000 per year for 6 years.


Based on the given assumptions and the data in Exhibit 1, the additional amount of life insurance coverage needed is closest to:

选项:

解释:

The additional amount of life insurance coverage needed is calculated as the difference between the familys total financial needs and total capital available.

Total financial needs are calculated as follows.


Capital needs are determined as the present value of an annuity due: growth rate = 3.5%, discount rate = 6.0%. Growth of payments is incorporated by adjusting the discount rate to account for the growth rate of earnings. As long as the discount rate is larger than the growth rate, the adjusted rate i can be calculated as follows: [(1 + Discount rate)/(1 + Growth rate)] -1, or i = (1.06/1.035) -1 = 2.42%.

The present value of Olivias living expenses is calculated as follows:

PMT = -$50,000; i = 2.42%, n = 44. Set for payments at beginning of year. PV = $1,377,175.

The present value of the childrens living expenses is calculated as follows:

PMT = -15,000; i = 2.42%, n = 6. Set for payments at beginning of year. PV= $84,848.

The present value of Olivias income is calculated as follows:

PMT = -$85,000 × (1-Tax rate); PMT = $85,000 × 0.70 = 59,500; i = 2.42%, n = 18. Set for payments at beginning of year. PV = $880,756.

Total capital needs are calculated as follows:

$1,377,175 + $84,848 - $880,756 = $581,267. Adding this amount to total cash needs of $750,000 results in total financial needs of $1,331,267.

The total capital available is calculated as follows.


The additional life insurance need is calculated as follows.


题目问的是the additional amount of life insurance coverage needed,为什么不扣除已有的Currently, the Barksdales have a term life policy insuring Adrian with a death benefit of A$100,000.

1 个答案

王暄_品职助教 · 2023年07月25日

因为total capital available已经包括了current life insurance

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