You will complete this discussion based on the strategies for protection against losses with financial consequences, temporary and permanent types of life insurance policies, and methods for determining the appropriate amount of life insurance coverage.

Respond to the following questions:

1. Explain the four strategies for protection against losses with financial consequences and provide an example that could occur for each in your Simulation.
2. Distinguish between temporary and permanent types of life insurance policies by addressing the following:
   1. Describe two advantages and two disadvantages of a term policy.
   2. Decide on your preference for a term policy and locate the appropriate $100,000 Annual Renewable or Level Premium chart provided in Chapter 8. Next, determine the annual cost for the first policy year or the age level closest to your current age. Make sure to also indicate why you choose one policy type over the other for this category.
   3. Based on your review of the content related to whole life, universal life, and variable life policies, choose one type based on your preference and describe two advantages and two disadvantages of your selected policy. Make sure to indicate why you chose one policy type over the other two for this category.
   4. Locate the appropriate $100,000 Whole Life, Universal Life, or Variable Life chart provided in Chapter 8 and determine the annual cost of your selected policy in requirement #2c for the first policy year or the age level closest to your current age.
   5. Based on your selection for a temporary and permanent type of life insurance policy for the above requirements, indicate the one that you would choose, the related cost, and provide your rationale.
3. Describe the two methods for determining the appropriate amount of life insurance coverage. If you were determining an amount of coverage, indicate the method that you would utilize and provide your rationale.