Section I: Life Insurance

Given the scenario below, please indicate whether life insurance is needed, if so, what type (term, whole life, Universal or Variable Universal) and why?

Anthony is an engaged mechanical engineer for Nissan Motors in Decherd, Tennessee. He spends most of his time with his fianc, Max who owns a small cupcake bakery. Max and Anthony plan to get married in the next 6 months and would like to have children soon. Anthony makes $115,000 a year while Max is making $140,000 in net income from her business. She would like to hire a general manager for her store while she raises her children and expects her net income to drop to $60,000 once the GM is hired. They would like policies that would provide coverage for each other and offer protection while their children grow up. They are also interested in investing part of the premiums as Anthony hates the idea of an insurance company keeping all his premiums if he does not die within a certain number of years.