Life Situation Financial Data Pam, 43 Josh, 45 3 Children, ages 16, 14 and 11 Monthly income $4,900 Living expenses $4,450 Assets $262,700 Liabilities $84,600 Emergency Fund $5,000 With three dependent children, the Brocks are assessing their life insurance. Pam has $5,000 of coverage. Josh has life insurance coverage equal to approximately eight times his annual salary. With approximately 20 years to retirement, Pam and Josh Brock want to establish a more aggressive investment program to accumulate funds for their long-term financial needs. Josh does have a retirement program at work. This money, about $110,000, is invested in various conservative mutual funds. In addition, the Brocks established their own investment program about four years ago, and today they have about $36,000 invested in conservative stocks and mutual funds. In addition to their investment program, the Brocks have accumulated $11,000 to help pay for the childrens college educations. Also, they have $5,000 tucked away in a savings account that serves as the familys emergency fund. Finally, both will qualify for Social Security when they reach retirement age.

Q1. What changes would you recommend for the Brock's life insurance coverage?

Please answer the questions in 2-3 short paragraphs. Thank you!