What term is used to describe the function of evaluating a couple's children's needs in the event of a parent's death?

The term "survivor protection" is specifically used to describe the function of determining and addressing the financial needs of a couple’s children in the unfortunate event of a parent's death. This concept revolves around providing security and ensuring that dependents are cared for, maintaining their standard of living despite the loss of a parent's income or support.

Survivor protection focuses on planning mechanisms such as life insurance, which are put in place to provide immediate financial resources to help cover expenses such as daily living costs, education, and other needs of the children. It emphasizes the importance of proactively protecting against the financial consequences of a parent’s untimely death, ensuring that the family's financial stability can be maintained even in the face of such a significant loss.

In contrast, elements like income replacement generally refer to compensating for lost wages in the event of a death or disability but do not solely address the needs of dependents. Risk assessment involves identifying potential risks but does not inherently provide a solution for the needs of children after a parent’s passing. Financial planning is a broader term that encompasses various aspects of managing finances, which may include investments, savings, and budgeting, rather than specifically addressing the needs of children after a parent’s death.