Assignment: Case StudyFIP504 Risk Management and Insurance Planning : Case Study Facts Bill and Kathy Collins are a professional couple: both are aged 32. Bill is employed at a smallfamily run business as a mechanic, while Kathy is self-employed as an architect. Both are social drinkers, and Bill is a regular cigarette smoker. Both infrequently smoke legal cannabis.Bills group benefits through his employer include the following: $100,000 life insurance $50,000 spousal life insurance coverage $500/ week short term disability plan that covers him for six months Up to $1000 dental and $1000 eyecare annually, with no deductibles or limitationsKathy has no coverage of her own since she has had little time to think about possibleinsurance coverages.Instead, they have worked to buy a home, pay down the mortgage and invest in RRSPs andTFSAs. Why might they want insurance?They own a home worth approximately $800,000, and their diligent prepayments have helpedto reduce the mortgage to a very manageable $350,000. The mortgage was renewed last monthat 3.5% with a 25-year amortization and monthly payments. Their RRSPs total just under$250,000 and they have $87,000 in their TFSAs. Assuming no return on both investmentaccounts.Their joint bank balance is a reserve fund with a normal balance of about $5,000. Last yearBill earned gross income of $107,500 and Kathys gross income was $143,000. She incurred$23,000 in expenses, $4,000 of which more closely related to lifestyle choices than businessexpenses.They have a line of credit with a current balance of $20,000: it was used to landscape andupdate their backyard during the pandemic. Generally, they use their credit card to covermonthly living expenses, paying off the total balance as it comes due. The average monthlybill is $3,500.Bills family history includes some heart disease later in life- Bill ascribes that to diet, and forthat reason has adopted a low carb/ keto diet plan. Kathys mother has diabetes and high bloodpressure, and her grandfather developed Alzheimers late in life.Recreationally, Bill loves to ride his motorcycle and they both enjoy scuba diving. They arethinking that they are now relatively settled, and its time to begin a family. They are thinking about their life insurance needs Your Task You are a financial advisor and Bill and Kathy Collins have come to your office looking foryour guidance on their on disability and life insurance needs. Prepare a proposal as to why they might need insurance, and specifically what types ofinsurance and at what amounts. Be sure to show why your recommendation makes mostfinancial sense. Consider the following in your proposal: Income replacementDisability coverageEducation and mortgage needsWhole life, universal life, term coverage or a blend? Government plans and benefits Existing coveragesAny other concerns you believe relevant. Amount of CoverageYou need to present a reasonable, intelligent recommendation to them. Ensure that you reflectappropriate financial calculations and considerations. Format: Word document only. PDF and other formats are not acceptable: Submission Instructions: Submit directly on Learn@Seneca under the Assignment Folder Submit your assignment in two parts: 1: The detailed proposal as a word document. Word document only. PDF and other formats are not acceptable 2: A recorded PPT, with one slide per bullet point. Each slide should have a brief descrption and your recorded voice explanation.