Aaron and Amelia have been retired for three years now. They decided to move out of the city and buy a cottage property in Manitoba. This is their first home and their first mortgage. They have basic government pensions and Amelia has a defined benefit pension.

Their only son just started his own family and has a mortgage so he isnt able to assist them financially. They have a small positive cash flow, which is expected to continue for the next 6 months and then after that Aaron will not have his consulting work that provides a little bit of extra income.

Aaron also has some serious health issues. He had a transplant surgery and has ongoing medical expenses that there is only OHIP coverage for, which does not cover all prescriptions. Amelia is in good health and is active, but has arthritis.

Their net worth consists of the new house valued at $385,000, an RRSP for Aaron of $425,000 and two cars with a total value of $10,000. The mortgage is $300,000 and they have a balance on the line of credit for renovations in the amount of $65,000. They are making just the required interest payments.

Discuss the need for various types of insurance or use of other financial planning programs discussed in the course.

Explain whether they would benefit from having various coverages or programs or any changes to their existing coverage. Include your rationale.

For life insurance discussions, indicate how you would estimate the coverage amount needed (words only, no calculations) and what type of life insurance would be best suited for their situation.

What additional specific questions or specific details would you need from the client to provide recommendations?