Case study You meet again with Aman $($age $42)$ and Juanita $($age $37)$ to review their personal insurance needs. They have four children: $$ Sara $($age $19)$ currently attending university and not working $$ Jamile $($age $17)$ completing Year $12$ and likely to go to full$-$time employment on apprenticeship $$ Katih $($age $14)$ completing Year $9$ and likely to go to university. She has been a paraplegic since birth due to a spinal cord injury $$ Karla $($age $9)$ completing Year $3.$ Aman and Juanita$$s objectives are to ensure that if either of them dies, suffers a serious illness or is temporarily or permanently disabled, they want: $$ to be able to afford for either of them to take six months leave of absence from work as the surviving spouse or carer for their disabled$/$ill spouse $$ a buffer of $$100,000$ to cover medical treatment, or additional home care support $$ to support each child$$s education$/$apprenticeship allowing for $$5,000$ p$.$a$.$ for each child until they reach age $23.$ Aman and Juanita would like to replace their annual income if they were unable to work again. They have noted the following: $$ They do not want a serious illness or injury to put them in an adverse financial position that would make it difficult for them to retire in $25$ years. $$ Aman is in good health but he is a heavy smoker. Juanita does not smoke but has high blood pressure and high cholesterol which her prescribed medication for this doesn$$t seem to be controlling well. $$ They want $$value for money$$ on the insurance premiums they have to pay and not over$-$insure. Following are the details of their personal situation, assets and liabilities, cash flow and current insurance situation. Lifestyle asset Owner Value Details Principal residence Joint tenants $$1,100,000$ Mortgage outstanding $$250,00010-$year term, $4\mathrm{.}7\%$ P&I $($repayments $$32,000$ p$.$a$.)$ Contents Joint $$80,000$ Insured value Financial asset Owner Value Details ANZ mortgage offset account Joint $$40,000$ Available in emergencies$/$illness REST Super Aman $-$$$210,000,$ Juanita$-$ $$175,000.$ Business$-$ Aman and Juanita $$1,280,000$ Valuation provided end of financial year: $$ Goodwill $$650,000$ Operating bank account $$150,000$ Equipment $$130,000$ Stock on hand $$350,000$ Annual income and cash flow details Details Aman Juanita Combined Salary $$80,000$ $$80,000$ $$160,000$ Total income received $$80,000$ $$80,000$ $$160,000$ Tax payable including Medicare and offsets $(2022/23)$ $$18,067$ $$18,067$ $$36,134$ Total mortgage repayments $$32,000$ Total general expenses $$78,000$ Net cash flow $$13,866$ Insurance and risk management This is a summary of Aman and Juanita$$s life insurance situation. Insurance Owner Cover Premiums and details Life Aman $$387,500$ Premium $$6\mathrm{.}75$ p$.$w$.$ TPD Aman $$28,600$ Premium $$0\mathrm{.}82$ p$.$w$.$ Income protection Aman $$2,125$ per month Premium $$6\mathrm{.}40$ p$.$w$.90-$day waiting period $$ benefit period five years Life Juanita $$381,000$ Premium $$6\mathrm{.}75$ p$.$w$.$ TPD Juanita $$28,600$ Premium $$0\mathrm{.}74$ p$.$w$.$ Income protection Juanita $$2,125$ per month Premium $$4\mathrm{.}20$ p$.$w$.90-$day waiting period $$ benefit period five years The above insurance is the default insurance cover in their REST Super accounts. Business needs and assumptions If death or disability occurs for either of them, they believe the business$$s operating bank account balance of $$150,000$ would be sufficient to cover business overheads for six months. The business has no debts to be repaid.

Question $-$ Devise $10$ relevant questions you would ask your clients to find out more about their personal insurance needs. Explain the purpose of each question, i$.$e$.$ how the clients$$ response can help you to determine their personal insurance cover requirements. $\backslash$