Michael, age $35,$ is a working single dad with a $6-$year$-$old son. He also had retired mother as a dependent $($Suppose that parents can be added as insurance dependents$).$ Michael needs to decide among choices of insurance. Here are his familys needsMichael His son His motherHealth insurance Must have Must have Must haveDental insurance Must have Must have Must haveLife insurance Must have No OptionalLong$-$term care insurance Optional No Must haveDisability income insurance Optional No NoOther notes:$-$ He wants to have enough in his life insurance policy to make sure that in the event of his death, his son has enough funding to go to college $($approximately $$200,000).-$ His mother is very old and is likely to require nursing home care $($i$.$e$.,$ long$-$term care$)$ soon.Here are the pricings of some insurance policies that are available to Michael:$1.$ Health insurance: Group insurance via Michaels employers$-$ For himself: $$100/$month$-$ For any additional dependent: add $$50/$month each$2.$ Dental insurance: Group insurance via Michaels employers$-$ For himself: $$15/$month$-$ For any additional dependent: add $$5/$month each$3.$ Life insurance for Michael: He have the option between term insurance and whole life insurance$-$ Term insurance: $20-$year coverage, $$150,000$ policy value, $$50/$month$-$ Whole life insurance: $$70/$month$,$ $$350,000$ policy value$4.$ Life insurance for his mother: Whole life insurance, $$90/$month$.$ Covers long$-$term care.$-$ There is a $$20/$month discount if whole life insurance policy is bought for both Michael and his mother $($which means paying $$160/$month for both himself and his mother$)5.$ Long$-$term care insurance: $$70/$month$\mathrm{.}6.$ Disability income insurance: $$10/$month$7.$ Medicare: Michaels mother is eligible for Medicare$-$ Plan A: no premium$-$ Plan B: $$40/$month$-$ Plan C: $$60/$month$-$ Plan D: $$10/$monthMichael has $$350/$month available to spend on insurance. As his financial advisor, please help Michael find the best way to cover his familys needs by shopping for appropriate insurance policies.$-5$ points for each must have need$-3$ points for each optional need$-$ Some deductions if the need is not fully covered