Indicate suitable levels of insurance cover and explain key features of how each type

of cover could mitigate risks. 

Penny and Leo, both aged 34, have a daughter Kaley, aged 5. They worry about having - appropriate levels of insurance in place life, total permanent disablement, and income protection. Their overall financial situation is detailed below. Assets Principal residence jointly owned Home contents - insured value $40,000 Honda insured value $32,000 - Super Hostplus - Penny - Super MTAA - Leo - Liabilities Home loan HECS - Penny Value ($) 800,000 10,000 28,000 30,000 60,000 250,000 32,000 They each earn $70,000 gross per annum, and share living costs totalling $60,000 per annum, with home loan costs of $20,000 per annum.