Sharon, age $28,$ is a single parent who earns $$30,000$ annually as a secretary at a local university.

She is the sole support of her son, age $3.$ Sharon is concerned about the financial well$-$being of her

son if she were to die. Although she finds it difficult to save, she would like to start a savings

program to send her son to college. She is currently renting an apartment but would like to own a

home someday. A friend has told her that life insurance might be useful in her present situation.

Sharor knows nothing about life insurance, and the amount of income available for life insurance

is limited$.$ Assume you are a financial planner who is asked to make recommendations concerning

the type of life insurance that Sharon should buy. The following types of life insurance policies are

available:

Five$-$year renewable and convertible term

Life$-$paid$-$up$-$at$-$age $65$

Ordinary life insurance

Universal life insurance