Stewart and Meg have two daughters under the age of four. Both Stewart and Meg work full time, and they own a small house with a mortgage. They are calculating the funds needed to support their daughters if one or both of the parents should die before the girls are grown.

What are costs that Stewart and Meg should include in this calculation?

Mike has been insured by an ordinary life insurance policy for twenty-five years. Mike stopped paying the premiums for his policy one year ago. Briefly explain how the reinstatement clause in Mikes life insurance policy would apply in this situation.

If Mike decides to let his life insurance policy lapse, what non-forfeiture options would be available to him?