A personal use of life insurance that helps determine the financial needs of children in the event of a death is known as?

The term that best describes a personal use of life insurance intended to help determine the financial needs of children in the event of a death is survivor protection. This type of coverage is focused on ensuring that financial resources are available to support dependents, such as children, when an insured parent or guardian passes away. Survivor protection effectively addresses the potential loss of income that would impact the children’s standard of living, education, and overall financial stability, allowing for the consideration of their long-term needs.

Juvenile protection provision generally pertains to specific life insurance policies that are designed for children, focusing on offering coverage for minors rather than assessing the broader financial implications in the case of a parent's death. Survivorship insurance refers to a policy that covers two lives and pays upon the death of the second insured, serving a different purpose. Life planning encompasses a wider range of strategies to manage financial resources but does not specifically target the financial needs of children in the context described. Therefore, survivor protection is the most relevant term in this scenario as it directly addresses the financial implications for children following the loss of a parent.