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Open-ended question (23 Marks) Michael is a graphic designer who has recently started his own marketing business and earns $180,000. His wife, Jasmine, works part-time as a primary schpol teacher and earns $36,000. Michael is aged 48 and Jasmine is 44 . Assume Michat's life expectancy is 84 years and 5asmine5 is 86. They have two children: Justin, aged 7, and Anderson, aged 17. Michael and Marry wish for all their children to receive a university education. To provide for this, they estimate that $200,000 should be set aside. The children would be dependent until they turn 25 . The family's basic living expenses are $3,500 per month. In addition, for each family member (including parents), this will increase by $1,300 per person. Michael has an accumulated superannuation fund, which has a balance of $80,000. Jasmine also has a personal superannuation account, which Whil provide her with sufficient funding once she can access it at age 65 . Michael currently has a life insurance policy for a lump sum of $150,000 with Jasmine named as the beneficiary. Jasmine does not have any life insurance cover. They have a mortgoge of $300,000 on their home, which has a current market value of $600,000. Credit cards, personal loans and other outstanding debts amount to $25,000. Michael has a 2018 model car, which is leased and has $35,000 outstanding on it at present. Jasmine has a.2008 model van so that she can transport the chidren to school and their other activities. Her van is valued at $8,000 and is fully paid for Expenses including funeral, legal and medical are expected to amount to $25,000. Additionally, they believe they need emergency funds of $28,000. Required: a) Given the above information, calculate the appropriate amount of life insurance cover required to provide for the family's future needs in the event of Michael's death? (10 marks) b) You find Michael and Jasmine reluctant to purchase an additional life insurance policy. As a financial advisor, discuss at least three reasons to signily the importance of having life insurance in their financial plan. (3 marks). c) Atrer your discussion in part b, you find both Michael and Jasmine are now willing to purchase the life insurance, however, they are confused about whether they should purchase the sfe insurance within or outside their superannuation funds. Discuss with them the pros and cons of purchasing life insurance within and outside the superannuation fund. Given their circumstances, which one will you recommend, and Why? (6 marks) d) Michael informs you that he had a heart attack in 2020 and has a family history of cardiac diseases. He further reveais his bad smoking habit. Discurs with Michael the issues he may face in obtaining life insurance. (4 marks) Open-ended question (23 Marks) Michael is a graphic designer who has recently started his own marketing business and earns $180,000. His wife, Jasmine, works part-time as a primary schpol teacher and earns $36,000. Michael is aged 48 and Jasmine is 44 . Assume Michat's life expectancy is 84 years and 5asmine5 is 86. They have two children: Justin, aged 7, and Anderson, aged 17. Michael and Marry wish for all their children to receive a university education. To provide for this, they estimate that $200,000 should be set aside. The children would be dependent until they turn 25 . The family's basic living expenses are $3,500 per month. In addition, for each family member (including parents), this will increase by $1,300 per person. Michael has an accumulated superannuation fund, which has a balance of $80,000. Jasmine also has a personal superannuation account, which Whil provide her with sufficient funding once she can access it at age 65 . Michael currently has a life insurance policy for a lump sum of $150,000 with Jasmine named as the beneficiary. Jasmine does not have any life insurance cover. They have a mortgoge of $300,000 on their home, which has a current market value of $600,000. Credit cards, personal loans and other outstanding debts amount to $25,000. Michael has a 2018 model car, which is leased and has $35,000 outstanding on it at present. Jasmine has a.2008 model van so that she can transport the chidren to school and their other activities. Her van is valued at $8,000 and is fully paid for Expenses including funeral, legal and medical are expected to amount to $25,000. Additionally, they believe they need emergency funds of $28,000. Required: a) Given the above information, calculate the appropriate amount of life insurance cover required to provide for the family's future needs in the event of Michael's death? (10 marks) b) You find Michael and Jasmine reluctant to purchase an additional life insurance policy. As a financial advisor, discuss at least three reasons to signily the importance of having life insurance in their financial plan. (3 marks). c) Atrer your discussion in part b, you find both Michael and Jasmine are now willing to purchase the life insurance, however, they are confused about whether they should purchase the sfe insurance within or outside their superannuation funds. Discuss with them the pros and cons of purchasing life insurance within and outside the superannuation fund. Given their circumstances, which one will you recommend, and Why? (6 marks) d) Michael informs you that he had a heart attack in 2020 and has a family history of cardiac diseases. He further reveais his bad smoking habit. Discurs with Michael the issues he may face in obtaining life insurance. (4 marks)