Client ProfileMr. & Mrs$.$ AustinMary and Steve Austin have been married for $5$ years and have a $4-$year$-$old daughternamed Lindsay. The Austin$$s are starting to think more about their future with the aimof implementing their short$-$term and long$-$term lifestyle goals and financial plans. Maryand Steve are both aged $35.$Steve Austin works as a manager for a robotics manufacturer and earns $$100,000$ grossannual income $($$$75,384$ after tax$).$ Mary works for a small local manufacturing businessas a chief accountant earning $$125,000$ gross annual income $($$$89,322$ after tax$).$Two years ago, Mary received an inheritance from her late father in the amount of$$200000.$ With this money they each opened a TSFA $($Tax Free Savings Account$)$ andinvested $$15000$ each. They also opened an RSP for the first time and contributed$$10,000$ each. The residual balance of the inheritance, $$150,000$ was deposited into asavings account at the bank because they plan to use the funds as a down payment fora home.Steve and Mary have disability insurance and health care insurance through theiremployers but neither has a group life insurance plan. They know they both need topurchase life insurance, and have decided on Term Insurance, but they do notknow how much or for how long to buy. They also need to understand the expectedcost of the insurance policies.

Assignment:Create a Financial Plan strictly focused on the identified insurance needs for theAustin family.For this assignment, imagine you are a Financial Planner, specializing in Insurance. Youmet with the Austin$$s last week, and you are now tasked with preparing a financial planfocused on insurance for them. You will make specific recommendations on how they canprotect and insure their assets and future income levels to maintain their lifestyle. You areconfident if you provide a comprehensive plan that aligns to their goals, you will earn theirbusiness for many years to come. You plan to review the report with them at your nextmeeting.Show and Explain ALL of your calculations and include screen shots of your quotes asreference in your addendum. Ensure to include source references.Please ensure that the file name of your submission includes your name$\mathrm{.}1.$ Life Insurance: Make a solid recommendation on how much Term Life InsuranceSteve and Mary should purchase $($break down ALL of the elements$).$ Justify theamount of insurance you are recommending, show your calculations. State ALL ofyour assumptions, then provide a quote for Steve and a quote forMary. Even IF you choose to exclude an item, you MUST state that you are aware ofthe expense but are not including it in your calculations and state your rationale. Searchthe web and site your references for quotes or evidence$\mathrm{.}2.$ Automobile Insurance: The Austin$$s just purchased a new $2023$ Toyota RAV, butas of yet have not found vehicle insurance. State ALL of your assumptions and thensearch the web and provide the Austin$$s with a quote. Knowing that there are manyvariables when purchasing automobile insurance alter $1$ feature and provide theAustin$$s with a second quote. $($You may consider altering the deductible, thereplacement value or coverage amount, the choice is yours$)$Make a recommendation as to which quote the Austin$$s should choose$\mathrm{.}3.$ Health Insurance:Steve has been considering leaving his robotics job for some time now and venturingout to start his own company. He has heard that getting health $+$ dental benefits $/$insurance coverage to protect himself and his family can be expensive. Search theweb and find Steve a quote for health and dental coverage. State your assumptionsand site your reference.

$\backslash$table$[[\backslash$table$[[$Question$],[$Topic$]],\backslash$table$[[$Meets All$],[$Expectations $(8-7)]],\backslash$table$[[$Meets Most$],[$Expectations $(6-5)$