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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,
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, butSurprise! Jamie Lee and Ross were stunned to find that their family of two has grown to a family of five! They were expecting twins, but
when the babies were born, they discovered 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?
Jamie Lee and Ross decided to purchase life insurance for Ross because his is the higher income at this time and because it would be
more devastating if his income was lost due to his death. They have allowed $ for funeral costs.
Calculate their living expenses for months to include all monthly expenses, excluding credit card debt and entertainment. Note that
Ross's mother lives close and will be providing childcare to their triplets once Jamie Lee goes back to work at the bakery for half days.
His mom will have a hired nanny to assist, which will cost them $ a month. Use the table below to determine the amount Jamie
Lee and Ross should use when shopping for life insurance. Each answer must have a value for the assignment to be complete. Enter
for any unused categories.
Current Financial Situation
Use the "family need" method to complete
Yearly income
Total approximate expenses above and beyond your daily
living costs for you and your dependents eg tutition, care
for disabled child or parent
Emergency fund needed months of living expenses
Expected funeral expenses
Total estimate of family's financial needs sum of lines
Total liquid assets eg savings account, CDs money
market funds, other life insurance, pension plan death
benefits, and Social Security benefits
Life insurance needs total estimate of needs minus
liquid assets
when the babies were born, they discovered 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?
Jamie Lee and Ross decided to purchase life insurance for Ross because his is the higher income at this time and because it would be
more devastating if his income was lost due to his death. They have allowed $ for funeral costs.
Calculate their living expenses for months to include all monthly expenses, excluding credit card debt and entertainment. Note that
Ross's mother lives close and will be providing childcare to their triplets once Jamie Lee goes back to work at the bakery for half days.
His mom will have a hired nanny to assist, which will cost them $ a month. Use the table below to determine the amount Jamie
Lee and Ross should use when shopping for life insurance. Each answer must have a value for the assignment to be complete. Enter
for any unused categories.
Current Financial Situation
Assets:
Checking account
Savings account
Emergency fund savings account
IRA balance
Car Jamie Lee
Car Ross
Liabilities:
Student loan balance
Credit card balance
Car loans
Income:
Gross income Jamie Lee
Net income after taxes Jamie Lee
Gross income Ross
Net income after taxes Ross
Monthly Expenses:
Mortgage
Property taxes
Homeowners insurance
Utilities
Food
Gasmaintenance
Credit card payment
Car loan payment
Entertainment
Use the "family need" method to complete
Yearly income
Total approximate expenses above and beyond your daily
living costs for you and your dependents eg tutition, care
for disabled child or parent
Emergency fund needed months of living expenses
Expected funeral expenses
Total estimate of family's financial needs sum of lines
Total liquid assets eg savings account, CDs money
market funds, other life insurance, pension plan death
benefits, and Social Security benefits
Life insurance needs total estimate of needs minus
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