Mario (age 24) and Lexi (age 24) are a young couple they have been married a little over 3 years. They have a son Roberto (age 2) and are expecting a baby this spring. Mario and Lexi both have their college degrees. Mario works as an engineer and makes $60,000 per year. Lexi is taking care of Roberto and soon will be taking care of the baby but is also starting a consulting business. She currently makes $10,000 on her business working part-time. She is hopeful that as the kids get in daycare she will have more time to commit to work and will also be making $60,000+ per year with her technical degree. Mario and Lexi are concerned that if something happened to one of them the other would not make enough money to cover the costs of raising the family. The do not have any life insurance right now. They would like to pay off their mortgage if one of them dies. The would also like to have a 6 month emergency fund based on Mario's salary. They would like to have $175,000 for each child's education. At this point, they are planning on having 2 children. They have not begun saving for education. Mario thinks that if Lexi dies he will need a live in nanny to help with the children for th next 13 years. They estimate the cost of that at $30,000 per year. He would also like another $6,000 per year that he can contribute to retirement income for the next 18 years. They will need $50,000 for the adjustment period for costs that will allow them to deal with the death of their spouse. Lexi thinks that if Mario dies she will need money to replace his $60,000 per year income until the baby is 18 years old. That will allow her to save for retirement and cover her lifestyle costs. Both of them feel that having 2 children will increase their costs by about $10,000 for child costs for the entire 18 years the children are dependent at home. They estimate the following costs if something happened to one of them: They have the following assets owned joint tenancy with rights of survivorship They would like you to give them an indication of how much insurance coverage they need and what type of insurance your recommend. Please complete the spreadsheet on excel to determine life insurance needs. For time value of money calculations please assume a 5% return on all investments. Provide the following information to Mario and Lexi; They would like you to give them an indication of how much insurance coverage they need and what type of insurance your recommend. Please complete the spreadsheet on excel to determine life insurance needs. For time value of money calculations please assume a 5% return on all investments.Provide the following information to Mario and Lexi; 1. Recap the client situation 2. Spreadsheet analysis that indicates how much they need in life insurance. Discount the dependency period income, life income to surviving spouse and retirement 3. Recommend the type of insurance (term or whole life). 4. Advantages and disadvantages of insurance recommendation. 5. Use policygenius.com to determine the cost of a term policy for both Mario and Lexi. Determine the appropriate term and assume that Mario and Lexi's birthday are the same date 3/1/1996 and they are in excellent health. Mario is 5'10" and 6. Select a type of policy and term and describe why you selected that policy term. 7. Summarize the information in an email to Mario and Lexi and make sure it is grammatically correct and concise. Mario (age 24) and Lexi (age 24) are a young couple they have been married a little over 3 years. They have a son Roberto (age 2) and are expecting a baby this spring. Mario and Lexi both have their college degrees. Mario works as an engineer and makes $60,000 per year. Lexi is taking care of Roberto and soon will be taking care of the baby but is also starting a consulting business. She currently makes $10,000 on her business working part-time. She is hopeful that as the kids get in daycare she will have more time to commit to work and will also be making $60,000+ per year with her technical degree. Mario and Lexi are concerned that if something happened to one of them the other would not make enough money to cover the costs of raising the family. The do not have any life insurance right now. They would like to pay off their mortgage if one of them dies. The would also like to have a 6 month emergency fund based on Mario's salary. They would like to have $175,000 for each child's education. At this point, they are planning on having 2 children. They have not begun saving for education. Mario thinks that if Lexi dies he will need a live in nanny to help with the children for th next 13 years. They estimate the cost of that at $30,000 per year. He would also like another $6,000 per year that he can contribute to retirement income for the next 18 years. They will need $50,000 for the adjustment period for costs that will allow them to deal with the death of their spouse. Lexi thinks that if Mario dies she will need money to replace his $60,000 per year income until the baby is 18 years old. That will allow her to save for retirement and cover her lifestyle costs. Both of them feel that having 2 children will increase their costs by about $10,000 for child costs for the entire 18 years the children are dependent at home. They estimate the following costs if something happened to one of them: They have the following assets owned joint tenancy with rights of survivorship They would like you to give them an indication of how much insurance coverage they need and what type of insurance your recommend. Please complete the spreadsheet on excel to determine life insurance needs. For time value of money calculations please assume a 5% return on all investments. Provide the following information to Mario and Lexi; They would like you to give them an indication of how much insurance coverage they need and what type of insurance your recommend. Please complete the spreadsheet on excel to determine life insurance needs. For time value of money calculations please assume a 5% return on all investments.Provide the following information to Mario and Lexi; 1. Recap the client situation 2. Spreadsheet analysis that indicates how much they need in life insurance. Discount the dependency period income, life income to surviving spouse and retirement 3. Recommend the type of insurance (term or whole life). 4. Advantages and disadvantages of insurance recommendation. 5. Use policygenius.com to determine the cost of a term policy for both Mario and Lexi. Determine the appropriate term and assume that Mario and Lexi's birthday are the same date 3/1/1996 and they are in excellent health. Mario is 5'10" and 6. Select a type of policy and term and describe why you selected that policy term. 7. Summarize the information in an email to Mario and Lexi and make sure it is grammatically correct and concise