Surprise! Jamie Lee and Ross were stunned to find that their family of two has grown to a family of five! They were expecting twins until they found out the day they were born that they were actually the parents of triplets! Ross immediately had worries of being able to provide for the growing family: diapers, formula, college expenses times three! What if something happened to him or Jamie Lee? How would the surviving parent be able to provide for such a large family? Current Financial Situation: Assets (Jamie Lee and Ross combined): . Checking account: $2.500 Savings Account: $16,000 Emergency Fund savings account: $19,100 IRA balance: $25,000 Car: $11.500 (Jamie Lee) and $19,000 (Ross) Liabilities (Jamie Lee and Ross combined): Student loan balance: $0 Credit Card Balance: $3,500 Car Loans: $7,000 Income: Jamie Lee: $45.000 gross income ($31,500 net income after taxes) Ross: $73,000 gross income ($60,800 net income after taxes) Monthly Expenses Mortgage $1.225 Property taxes: $400 Homeowner's insurance: $200 Utilities: $160 Food: $500 Gas/Maintenance: $275 Credit Card Payment: $275 Car Loan Payment: $289 Submit your answers only to the following questions: 1. Within days of the triplets arrival, Jamie Lee and Ross began researching and comparing various agencies for the purchase of a life insurance policy. What characteristics should Ross look for when choosing a life insurance agency? What sources could he reference for help when choosing a life insurance agency? 10 points 2. Jamie Lee and Ross need to ensure that the surviving spouse and the children will not have financial hardship in the event of a loss. Using the Easy Method and considering Ross' salary in the calculation, how much life insurance will they need? 10 points 3. With so many policy variations to choose from, Ross and Jamie Lee are unsure which company is offering the most competitive rates. How will they be able to compare the rates between the various companies? 10 points 4. Jamie Lee and Ross have a limited budget for the life insurance necessity now that they have the additional present- day expenses of the triplets to consider. What type of life insurance would you recommend for the family at this life stage and what are its associated advantages and disadvantages? 10 points