a. Question 5 (12 Marks) What is whole life insurance? Identify and explain two characteristics of whole life insurance which may not be found in term life insurance. 7 marks b. Mike and Jasmine are concerned that they might not have enough life insurance coverage for their family, which includes two children, ages 2 and 5. Mike is the wage earner of the family with annual income of $500,000 whilst Jasmine is a nonworking spouse who devotes all of her time to household activities. i. Using the 'easy' method, determine how much life insurance Mike should carry. ii. Using the non-working spouse method, determine how much life insurance should the family carry to cover Jasmine. Show all your calculations. 5 marks a. Question 5 (12 Marks) What is whole life insurance? Identify and explain two characteristics of whole life insurance which may not be found in term life insurance. 7 marks b. Mike and Jasmine are concerned that they might not have enough life insurance coverage for their family, which includes two children, ages 2 and 5. Mike is the wage earner of the family with annual income of $500,000 whilst Jasmine is a nonworking spouse who devotes all of her time to household activities. i. Using the 'easy' method, determine how much life insurance Mike should carry. ii. Using the non-working spouse method, determine how much life insurance should the family carry to cover Jasmine. Show all your calculations. 5 marks