Amanda(born in 1980) and Anthony( born in 1979) are couple having income of $25000 and $180000 respectively. Anthony runs his own accountancy practice which have the expenses of rent of premises - $35000, wages -$ 60000, Anthony salary - 180000, electricity and utilities -$7000, stationery and consumables - 12000 and computer support - $7000. Anthony have a recent problem of high cholestrol and his wife have a doubt that he could have a heart attack because his family history with his father dying from a heart attack at age 50. they have a mortgage on their home of $800000 which was recently valued at $1550000. they both have cars on which they have debt of $50000 and a credit card debt of $4000.

they have twins aged 10 to whom they want to give private education for which they would need in total of $1200000 and their children would be totally dependent on them till the age of 25. Anthony have one alcoholic sister who is dependant on him and she is unemployed and receives $18000 pa from centerlink as a unemployment benefit in which she spend almost all of the money on alcohol. so Anthony have to set aside $1000 per month to meet his sister needs. in relation to rest of the family Anthony estimates that they spend $2000 per month on their living expenses and an additional $200 per week on each member of the family. Anthony is not keen for insurance and thinks that this is a wastage of money. Anthony have house contents valued $500,000 including $250000 worth of art. at present the family dont have any private health insurance.

the funeral cost approximate $10000, legal expenses - $5000, medical cost - $50000, emergency funds - $20000 assuming life expectancy for Amanda to be 82 years and for Anthony to be 80 years. make a risk assessment and wealth protection and insurance needs. level of cover required for each and explain the risk management process for this.