(ii) Discuss the advantages and disadvantages of term life insurance. (8 marks) (iii) If Mr. Lo died today, how much would Mrs. Lo get from Mr. Lo's group life insurance? Would that be enough for her? Why? (7 marks) (iv) What would you advise Mr. and Mrs. Lo on investment aspects? (6 marks) Question 2 (40 marks) (i) Explain the differences between tax avoidance and tax evasion. (2 marks) (ii) Compute the amount of salaries tax payable (excluding provisional tax and tax reduction) by the taxpayer with the following additional data, if Choice 1: Mr. and Mrs. Lo elect separate assessments (16 marks) Choice 2: Mr. and Mrs. Lo elect joint assessments (12 marks) Parents Mr. Lo's Mother: Aged 80 Mrs. Lo's Parents: Aged 78 & Aged 76 (both parents live separately) Donations $60,000 cash Mortgage interest $55,660 paid during the assessment year (ii) Should Mr. and Mrs. Lo elect joint assessment? Explain. (2 marks) (iv) Discuss "In the aims of reducing the tax payable, Qualifying Annuity Premiums is preferrable than Qualifying Tax Deductible MPF schemes". (8 marks)