Julia Price is now in her late 30s and has always wanted children. She has arranged to adopt two siblings from overseas, ages 2 and 4. Julia is happy that she earns enough money to support the children adequately, but the agency sponsoring the adoption also requires that adoptive parents purchase sufficient life insurance. Julia currently has a $20,000 paid-up cash-value life insurance policy purchased by her parents when she was a child. In addition, Julia's employer provides term insurance that matches her salary as an employee benefit. She talked with the agency, and they suggested that she buy a whole life insurance policy in the amount of $450,000 based on her current salary of $150,000. Julia isn't sure this is the way to go. For one thing, the policy would cost about $3,400 per year. Further, she realizes that the amount the agency requires would not maintain the children's lifestyle for long and be insufficient to pay for their college educations. Julia is thinking that guaranteed renewable term insurance would be a better way to go

Offer your opinion about her thinking.