i have no idea where to startbut what are some insurance needs that would apply here: Chip graduated from CMU $8$ years ago and is now $30$ years old. Chip is married with a $9-$month$-$old child named Chipi. Chip and Chip$$s Spouse $($also $30$ years old$)$ do well for themselves. Chip makes $$150,000$ per year and Chip$$s Spouse also makes $$150,000.$ Chip and Chip$$s Spouse own their home as tenants by the entirety. The home is valued at $$300,000.$ They recently refinanced their mortgage to $3\mathrm{.}25\%$ and have $$200,000$ in mortgage debt. They have no other debt. They have two cars. Car A is worth $$10,000.$ Car B is worth $$12,000.$

Both Chip and Chip$$s Spouse are self$-$employed with no option of employer sponsored health insurance. Chip and Chip$$s Spouse are saving for retirement through traditional and Roth IRAs. Chip has $$40,000$ in a Roth IRA and $$50,000$ in a traditional IRA. Chip$$s Spouse has the same.

Chip$$s parents sacrificed everything for Chip to the point that they are now in retirement and living off social security which their only income stream in retirement. They are both $70$ and receive a combined $$3,000$ a month in Social Security benefits. They have $$10,000$ in a savings account. They own their home outright. It is valued at $$100,000.$ They have miscellaneous personal property that is all paid for and no debt. They have basic Medicare. Sadly Chip$$s Spouse$$s parents are no longer living and not part of the personal financial planning.

Chip and Chip$$s Spouse are looking for your help to decide what insurance needs