A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as?

Survivor protection

Explanation:

Suvivor protection is a form or type of insurance coverage in which an individual's life insurance or occupational pension covers for closest family members which can be added on an individual's life insurance plan or automatically included.

This is to protect or serves as something to get by the surviving relative of the deceased, which s/he can use to cater for him/herself.

Hence, given the situation above, where a producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as SURVIVOR PROTECTION, so their children have something to fall on.