Richard, age 35, is married and has two children, ages 2 and 5. He is considering the purcahse of additional life insurance. He has the following financial goals and objectives:

Pay off the mortgage on his home, whch has 25 years remaining

Accumulation of a sizeable retirement fund

Payment of monthly income to the family if he should die

Withdrawal of funds from the policy when the children reach college age

For each of the following life Insurance policies, indicate which of these financial goals, if any, could be met if the policy is purchased. Treat each policy separately.

a. Decreasing term insurance

b. Ordinary life insurance

c. Universal life insurance

d. Variable universal life insurance