Life Insurance Programming

Process used to determine the amount of life insurance required on the life of the prospective insured. The process involves an analysis of the prospective insured's current financial condition (income, expenses, liquid and nonliquid assets, liabilities, savings, and investments), the financial objectives of the Policyowner the development and installation of a plan designed to achieve these objectives, and the periodic monitoring of the plan to determine the extent to which the plan is achieving the objectives. See also Estate Planning; Estate Planning Distribution; Human Life Value Approach (Economic Value of an Individual Life [Evoil]).