Planning for protection needs ensures that _______________. a. there will be sufficient financial resources for one’s retirement b. there will be sufficient savings to purchase a new home c. the children’s education expenses will be well planned for d. all financial obligations can be met in the event of death, disablement or critical illness

Planning for protection needs ensures that _______________. a. there will be sufficient financial resources for one’s retirement b. there will be sufficient savings to purchase a new home c. the children’s education expenses will be well planned for d. all financial obligations can be met in the event of death, disablement or critical illness

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter9: Insuring Your Health

Section: Chapter Questions

Problem 6FPE

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Concept explainers

Emergency Fund

The emergency fund is an amount that is kept aside to meet financial emergencies such as medical expenses and debt settlements. Emergency funds reduce the burden on people during their hardships. People save small portions of their earnings or paychecks as emergency funds to meet financial emergencies. Emergency funds should be saved or invested in such a way that they must be easily liquidated during emergencies. The main purpose of an emergency fund is its availability when required.

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Q5) Planning for protection needs ensures that _______________.

a. there will be sufficient financial resources for one’s retirement

b. there will be sufficient savings to purchase a new home

c. the children’s education expenses will be well planned for

d. all financial obligations can be met in the event of death, disablement or critical illness

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