Insurance Planning After 2 years of their marriage, Hanji and Jane are expecting their first child this month. This year Hanji turned 30 and Jane turned 29. With their baby on the way, Hanji feels a huge responsibility on his shoulders mentally and financially. They purchased a townhouse for 1.5 million dollars in Yaletown, where they feel comfortable and enjoy the neighbourhood as a small family. After one year, they have 1 million dollars to pay off in the next 24 years. Both Hanji and Jane work full time and both are not planning to quit their jobs after having a kid. Either Jane or Hanji will take maternity or paternity leave to take care of the body during the first year. Also, Jane's parents are living in Vancouver west, and they are willing to help and take care of the baby once they are back to work. At work, Hanji and Jane have group medical insurance coverage for dental, vision, and prescription. One of Jane's cousins is an insurance broker, who recommended Hanji to look into insurance for the protection of his family and peace of mind two years ago. Hanji never had a good feeling toward insurance agents, and he felt that they were too aggressive to sell insurance products, which he might not need at all. After purchasing their new home, they depleted their life savings, and they feel financially vulnerable now. Especially, they are having a baby on the way, and now they must think about education funds for their kid. Currently, they have no debts such as student loans and credit cards and their monthly expenses on average are $3,500. They expect their living expenses, which increased by $1,000 once having the baby. Both working full time, they receive sufficient earnings to cover their living expenses and mortgage payment, and they can have $2,000 excess amount cash monthly after their living expenses and mortgage payment. Hanji and Jane are both career-driven and highly value education and they are planning to save $60,000 for their kid's education once he or she turns 18. Hanji has heard you are about to finish your MBA study and you have taken finance courses, so he came to you and asked for some financial advice regarding insurance. He wants to know what kind of insurance his family needs to have and what amount of coverage he needs