Answer:
Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The amount of life insurance needed depends on the financial needs of the dependents left behind. In John and Sherri’s case, they have three children who are still minors and depend on their income. They should consider purchasing enough life insurance to cover their children’s expenses until they are old enough to support themselves. It is recommended that they purchase a policy that is at least 10-12 times their annual income1.
As for whether they need one policy or more than one, it depends on their individual circumstances. If John and Sherri have different financial needs, they may need separate policies. For example, if John has more debt than Sherri, he may need a larger policy to cover his debts2.
Self-actualization needs
Maslow developed a theory based on the needs of the human beings, he proposed a hierarchy of needs.
According to Maslow, needs lower down in the hierarchy need to be satisfied in order to focus in needs that are higher up in the pyramid.
The needs he proposed are:
Physiological needs: refer to biological needs for human survival (food, warmth, sleep, etc)
Safety needs: refer to protection from elements (security, order, stability)
Love and belongingness needs: These has to do with the need for interpersonal relationships. (friendship, intimacy, love)
Esteem needs: these needs refer to the need for respect or reputation (achievement, mastery, status).
Self-actualization needs: Refer to realizing one own's potential and self-fulfillment. They refer to the need for personal growth and development throughout one's life. In other words, "To become everything one is capable of becoming".
In this example, Bob has decided that he wants to put his skills to work helping the charities that he supports and want to take an active part in the raising of their grandchildren.
Bob has more than enough money so he has his safety needs covered, he has a wife a kids so we can conclude that he has his love and belongingness needs satisfied too, he's a successful businessman so he has his esteem needs satisfied as well.
On the other hand, he wants to help the charities he supports and take an active part in the raising of his grandchildren. Thus, he wants to realize his own's potential and self-fulfillment and to have a personal growth by helping others, thus we can conclude that the is motivated by self-actualization needs.
Step-by-step explanation: