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Ch 08: Assignment - Insuring Your Life Back to Assignment Attempts: Average: 2 8. Choosing policies based on circumstances Which Insurance Policy Is Best? Jake and Sondra are a married couple in their mid-thirties who are planning to start a family. Sondra works as a real estate agent and earns $250,000 a year, and Jake works as a dental assistant earning $40,000 a year. They would like to have two children and are looking to take out a life insurance policy that will provide lifelong coverage in the event of Sondra's death. Given her established career, they do not expect much volatility in their future financial situation and prefer a plan that offers consistent premiums over a lifetime rather than one that offers more flexibility without the guarantee of future affordability Because it offers fixed future premiums, the best option for Sondra is a life insurance policy. Suppose, instead, Sondra is uncertain as to whether she will want to continue working once she has children, and Jake is considering going back to school to become a pharmacy technician. They will want a plan that serves as a savings vehicle, but given the uncertainty of their future finances, they might be better off choosing a life insurance. Grade it Now Save Continue Continue without Saving