You are a financial planning consultant with an Oklahoma Life, Accident, and Health Insurance license. A client has approached you for advice on an insurance program. The client$$s existing insurance program is provided following the instructions for the written report.

Client$$s Household

Cameron and Riley Jones are a married couple who live in Edmond, OK$.$ Cameron turned $39$ years old in July and works as a coach and high school teacher at a local school. Cameron earned $$67,000$ before taxes in $2023.$ Riley will be $40$ years old in December and is a self$-$employed web designer and marketing consultant with an office at home. Riley$$s income fluctuates each year but earnings before taxes in $2023$ were $$76,000,$ which was an average year. The Jones have two children; Parker is $13$ and Quinn is $9.$

The school district pays the premium for $$75,000$ in group term life insurance for Cameron who has no other life insurance. Riley has a $$50,000$ whole life insurance policy that was purchased at birth. Last year, the Jones bought $$30,000$ whole life insurance policies on each of the children. They plan to use these policies to also save for the children$$s college.

The Jones$3$ bedroom, $2$ bath, house has $2,100$ square feet of living space with an attached garage. Their house in west Edmond was newly built when they bought it $8$ years ago for $$165,000.$ The balance on their $30-$year mortgage is now $$118,000$ and they make a monthly payment of$$1,211$ to their escrow account for the mortgage, property taxes, and insurance. Monthly household expenses are on average about $$450$ for utilities, $$600$ for food, $$120$ for insurance, and $$300$ for entertainment. Cameron and Riley do not keep close track of most of their expenses, but believe their household expenses for other items such as clothing, personal care, child care, car maintenance and gas are about average.

Cameron participates in a defined benefit retirement plan through the Oklahoma Teachers Retirement System and is eligible for full retirement benefits at age $58.$ Riley does not have a formal retirement plan but does set aside about $$250$ per month in an index mutual fund. The mutual fund was worth $$47,789$ at the end of September. The Jones carry an average balance of $$900$ per month on credit cards. They still owe $$300$ per month for student loans which will be paid in full in another $16$ months. The Jones usually have about $$2,000$ in their checking account and maintain a savings account balance of $$6,000$ for emergencies.

They have an unendorsed HO$-3$ policy with Coverage A limits of $$150,000.$ The Jones own a motorcycle that they sometimes ride around town on weekends. Cameron inherited antique jewelry, valued at $$6,000,$ from a grandmother. Riley collects vintage graphic novels and has a collection valued at $$9,000.$ The jewelry and the book collection are stored in the storm shelter accessed from the garage.

Cameron$$s employer provides health insurance through a comprehensive major medical plan with a $$1,200$ deductible and an $80-20$ cost sharing provision and a $$5,000$ out of pocket maximum. The plan is noncontributory so the employer pays the entire premium to cover Cameron. Spouses and children can be added to the plan at the employee$$s option with the employee paying half of the premium $($the employer pays the other half$).$ All of the Jones are in good health and they thought their share $($$$385$ per month$)$ of the premiums was too expensive so they chose not to enroll Riley, Parker, and Quinn in Cameron$$s health insurance plan. Instead, they bought an AFLAC cancer policy for $$50$ per month on Alex and an accident$-$only health insurance policy for $$45$ per month on the children. Riley$$s father died at age $46$ of cancer.

The Jones own a $2020$ Toyota Camry with $46,000$ miles and a $2008$ Ford Taurus with $128,000$ miles. They pay $$345$ per month on a loan for the Camry that will be paid off in June of $2024.$ The Jones have an unendorsed Personal Automobile Policy with full coverage on both cars. The Part A: Liability Coverage limits are the Oklahoma required minimums of $$25,000/$$$50,000/$$$25,000.$ The same limits apply to Part C: Uninsured Motorists. Part B: Medical Payments limits are $$5,000$ per person. The policy has a $$250$ deductible for both Collision and Other$-$Than$-$Collision in Part D for both cars. There is a $$50$ per disablement towing and labor provision. Alex and Cameron both have clean driving records.

$$ Analyzes the client household$$s existing insurance and retirement program.

$$ Recommends changes that would remove unnecessary or inappropriate coverages and changes that you would add to or provide a more complete insurance program for your client$$s household.

You may make additional assumptions beyond those already provided about your client to further fill in the details of your client$$s household situation. Provide any such assumptions or details at the beginning of your report and build your client$$s program accordingly.