Adam is married and he is 42 years old. His wife Maria is 38 years old. They have 2 children: Robert, age 7, and Clare, age 4.

Adam and Maria want to make sure that they can continue paying for their childrens private education and university. They dont want their children to start their life with any debt. They expect that both children will be financially dependent until they become 22 years old.

Both Adam and Maria have good jobs currently and they are comfortable that they will be able to succeed on their goal, but they are worried if one of them dies or gets critically ill, then they wont be able to provide what they wish for their children. They would like to receive a lump sum to cover all the above expenses in case of them becomes critically ill or dies.

Please recommend what protection policy would be the most appropriate to cover their needs. Make sure you explain in full details all the characteristics of the potential solution you recommend and give the reasons why you chose it. State the factors that you need to consider when deciding what will be the payoff of the policy.

Also, Adam has a Private Medical Insurance through his employer. He is considering of including his wife and his children to this policy as well for an extra charge. Please identify the benefits of such a policy.