Sharon, age 28, is a single parent who earns Ksh 30,000 monthly 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 should 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. Sharon 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. i) Which policies would best meet the need for protection of Sharon's son if she should die prematurely? Explain your answer. ii) Which policies best meets the need to accumulate a college fund for Sharon's son? Explain your answer. iii) Which policies best meets the need to accumulate money for a down payment on a home? Explain your answer. iv) What major obstacle does Sharon face if she tries to meet all of her financial needs by purchasing cash value life insurance? v) Assume that Sharon decides to purchase the five-year term policy in the amount of Ksh 300, 000 and the policy has no cash value. Identify a basic characteristic of a typical term insurance policy that would help Sharon accumulate a fund for retirement.