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The needs approach in life insurance determines the amount of coverage a client should apply for based on factors like income replacement and debts.
In life insurance, the needs approach is primarily used to establish how much life insurance a client should apply for.
Needs approach involves evaluating various factors like income replacement needs, debts, and future expenses to determine the appropriate coverage amount.
For example, if a client has dependents and significant debts, a higher life insurance coverage amount would be recommended to ensure financial security for their loved ones.
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