Jim & Pam Your brother Jim has just turned 28. He and his lovely wife, Pam, now have two small children. They are currently renting a nice house but are thinking of purchasing their own home soon. Jim owns his own construction company and is doing very well. His wife does not work outside the home. Jim knows that you have taken a course in personal finance, so he asks you if you think he needs life insurance. And if so, which type? Jim has been approached by an insurance broker who wants to sell him "permanent" life insurance. His wife, Pam, heard that "term" life insurance is much cheaper. Neither Jim nor Pam knows much about finances, nor are they that interested in learning. Based on this information, answer the following three questions. Provide some advice to your brother. Does Jim need life insurance? Which of the two types of life insurance would you recommend to Jim and why? State any assumptions that you make. Jim tells you, that currently, he and Pam have NO insurance of any kind. Based on what you learned in FIN100, recommend one other type of insurance to Jim based on his life cycle stage. State any assumptions that you make. Jim admits to you that he and Pam do not have Wills, and they have never heard of Estate Planning". Luckily, you have! Fully explain to your brother what Estate Planning" is and two reasons why it is so important for him to begin it right away