Assume you are a financial planner and you are meeting with a new client. The family unit is a spousal couple with dependent children. They have a mortgage and other debts. Both spouses work and contribute to the payment of the monthly expenses. Every month they have a small cash surplus. One spouse wants to purchase life insurance but the other spouse does not think life insurance is needed, why pay for something that you might never receive any return from.

How would you respond to this couple? (5 marks)