Final answer:
The needs approach in life insurance determines the amount of coverage a client should apply for based on financial needs of the survivors.
Explanation:
Needs Approach in Life Insurance
The needs approach in life insurance is primarily used to establish how much life insurance a client should apply for. It focuses on assessing the financial needs of the client's survivors in case of the insured's death, taking into account factors like income replacement, debt repayment, education expenses, and final expenses.
By analyzing these factors, insurance advisors can recommend the appropriate amount of coverage to ensure the client's loved ones are financially protected throughout their policy term.
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