Solomon is the sole income provider for the family as his wife is a full-time housewife. . Saving money for the house and his children's education fees is challenging. Solomon understands that he must have risk management, savings, and investment plans to secure his familys financial well-being.

Solomon understands that a life insurance plan will help him to achieve the above objectives. You as Solomon best friend and a professional insurance agent, you need to convince him about the need in a sizeable life insurance policy to replace his income in the event of his death and probably be able to help him to save some money for a house in the future. You are required to recommend a life insurance policy to him based on the following questions:

1. Recommend the insurance policies that best meet the need to accumulate money for the down payment on a house? Justify your answer.
2. Propose an insurance policy that best meets the needs to accumulate education funds for solomon children. Justify your answer.

3. Identify the insurance policies that would best meet the need for protection of solomon family if he dies prematurely? Justify your answer.

4. Assume that, if solomon tries to meet all his financial needs by purchasing cash-value life insurance, predict the possible obstacles that he may face.

5. Assume that solomon decided to obtain a 5-year term policy in the amount of USD150,000 without cash value due to financial difficulties. Identify the basic characteristic of a typical term insurance policy that would help solomon to accumulate a fund for retirement.