Question
You are an experienced personal financial planner working in Oshawa, Ontario. On November 15, 2023, you met with your new clients, Gail and Harold Murphy.
You are an experienced personal financial planner working in Oshawa, Ontario. On November 15, 2023, you met with your new clients, Gail and Harold Murphy. Gail and Harold have been married for 9 years and have a 7-year-old daughter named Sara. Harold is age 45 and Sara is 40 years old. Gail is pregnant again and the Murphys are expecting their second child in 4 months.
Harold and Gail have disability insurance and health care insurance through their employers but neither of them has any life insurance. With a second child on the way, the Murphys objective is to purchase sufficient life insurance.
1. Assuming that they need life insurance, briefly summarize for your clients, in your own words, two types of life insurance options to them.
2. Lets assume that the clients decide that they would like to purchase TERM Life Insurance. How would you estimate the amount ($) of life insurance that the Murphys needs under each method of calculation?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started