Read the following scenario and answer the questions in the form of a proposal for insurance addressed to the clients: John Sample and his wife Jane have come to you for advice on their insurance needs. Here is some background information about John and Jane: Occupation Annual Income Health Age Current insurance John Self employed Roofer $80,000 Good 36 No private insurance No EI or Workers Comp. Jane Administrative Assistant Working for the Federal Government $55,000 Cancer survivor Last treatment 18 months ago 34 No private insurance Group benefits through Employer EI John and Jane have two children, Jacob (6 years old), and Julia (4 years old). Both kids are relatively healthy. Jane is getting family coverage under the group benefit plan offered by her employer. This plan covers the entire family for Prescription Drugs and Extended Health Care. Jane also gets life insurance (one time her salary) and long term disability (two thirds of her gross income with waiting period of 120 days). Jane is also covered under EI. John doesnt have EI or Workers compensation. John and Jane purchased their home in Arnprior, ON, for $420,000 two years ago. The balance on their mortgage is currently $330,000. Their mortgage is not insured. The couple own two vehicles. The first one is an SUV valued at $29,000. The balance of the loan on that vehicle is $15,000. The second vehicle is an old minivan that they recently bought from a friend for $4,000. There is no loan on the second vehicle. John and Jane would need an income of at least $80,000/year to pay their regular bills in addition to $18,000/year to pay for their mortgage. John and Jane have a total of $25,000 of savings in their Tax-Free Saving Accounts. They have no other outstanding debt. See the questions on the next page! Using the information provided, write a proposal for insurance and make recommendations regarding: - Johns personal private insurance needs and recommendations: o Assess Johns need for Life, Disability, and Critical Illness insurance o If youre recommending a certain line of insurance, include enough details for the type, amount, features, and extra riders (if necessary). For example, if youre recommending life insurance, make sure you elaborate whether it is Permanent and what type of Permanent (T100, WL, WL Par, UL), or Term and what is the duration of Term (10, 15, 20, 25, 30). In each case include your rationale for choosing that solution. - Janes personal private insurance needs and recommendations: o Assess Janes need for Life, Disability, and Critical Illness insurance o What is your recommendation for Jane? Can Jane take out personal private insurance? - Would you recommend any insurance for the children? What kind of insurance? Explain your answer.