John Croissant $(40)$ and Maria Croissant $(38).$ The married couple has two children, Jack, and Alexa. Jack is a $12-$year$-$old boy and Alexa is a $10-$year$-$old girl. John is a manager at Walmart where he makes $$65,000$ a year. John also works for Uber as his side$-$job, he often makes $$15,000$ a year. Maria has recently opened a bakery as a small business and is currently making her $$25,000$ a year.

John was severely injured in a car accident $4$ years ago, where he had to take six months off to recover and take therapy to learn to walk again. He requires routine medical checkups. John also has group benefits through his work, which covers for each family member: up to $$80$ for vision checkups, $$150$ for prescription drugs, $$200$ for glasses, $160$ for dental checkups and cleanings, and $$500$ for medical checkups. Maria has recently opened her own bakery and took $$12,000$ out of her TFSA and $$12,000$ out of the joint savings account to start$-$up her business.

John$$s GIC is currently valued at $$85,000$ with a $2\%$ interest rate that matures in $20$ years. The whole family is interested in looking into additional long$-$term investments that would help them retire more comfortably when they retire in $25$ years. Maria and John are also looking for additional health insurance for their family now that Maria is self employed. The plan will need a good dental option as Alexa needs braces.

The family has listed their goals before their retirement; Payoff their mortgage in the next seven years $(10$ years left on mortgage payments$),$ Save $$25,000$ in RESP for each child $($one is $12$ years old, the other is $10$ years$),$ Payoff Maria$$s car $(4$ years left on car payments$),$ Increase the family$$s joint savings account to approximately $$150,000$ in the next $12$ years and lastly, retire with at$-$least $$155,000$ in each of their RRSPs $($They both plan on retiring in $25$ years$).$

Monthly Expenses:

Mortgage payments $$3,000$

Property tax $$600$

Utilities for house $$250$

Life insurance premiums $$450$

John$$s RRSP contribution $$225$

Maria$$s RRSP contribution $$125$

Joint savings contributions $$175($combined for both John and Maria$)$

Maria$$s car payment $$200$

Cellphone bill for John and Maria $$300$

Internet $$100$

Cable $$75$

Rent for business space $$500$

Utilities for the said business space $$150$

Business supplies $$300$

John$$s routine medical checkup $$300$ after coverage applied Now that your group has created a family case and you have thought about various financial aspects of family life, your group will conduct a needs assessment of a different family case, obtain multiple quotes per need, and then compile a recommendation for each insurance need to secure the families financial goals.

Phase $1$: Review the case $-$ In your groups, review the case and complete the fact$-$finder. Discuss missing information and develop a list of questions you feel you need to be answered to craft complete recommendations for your family. One member of the group submits the questions via email to Dr$.$ D ASAP. $($Save the word document to be included in the final assignment submission.$)$

Phase $2$: Develop a plan $-$ prioritize the client's needs basing the priority on risk to financial security and the family's goals. In your plan, get $2$ or $3$ quotes for the coverages you are recommending so you can accurately demonstrate cost and benefit to the family's financial position.

Phase $3$: Consolidate information and present the plan. Write a $4-6$ page written report of your evaluation of the client's current position, risk factors considered recommendations and benefits. Include a proposed new budget including the recommended payments based on the quotes obtained.