Clients : Anuja, 28 and Udit 29 and their 2 year old daughter Annual Income: $114,000 Debt: $385,000 mortgage at 2.25% locked in until October 2025 Savings: $9,000 chequing, His TFSA $12,000, Her TFSA $8,500, Assets: Condo $565,000 ; RESP: $2,225 (monthly contribution $50) , No RRSP but Udit is a member of a Defined Benefit program through his employer a major Canadian Bank. Anuja is self- employed and has no benefits coverage or employer sponsored retirement program. She is covered through Udits group benefits for health dental, prescriptions etc. Car $12,500 No Life insurance in place beyond 1 times Udits annual salary $62,000 Limited disability insurance for Udit and NONE for Anuja Assignment: 1) Identity the major risks inherent in their financial situation and make specific recommendations on the type of insurance coverage you would recommend including disability, life insurance and insurance on their condominium. Regarding your life insurance recommendation, please be specific as to whether you would recommend term, permanent or a combination and provide rationale for your recommendations. 2) What risks are inherent in Udits plan to leave his current job with a major Bank and start his own practice as a Financial Advisor. What private insurance coverage would you recommend they have in place prior to his resigning from his position recognizing that Anujas current job does not provide ANY benefits