Your clients Bob Barker and Monty Hall are Hosts and partners in a TV Game Show enterprise. They both are married. Bob is married to June and Monty is married to Sarah. They are trying to decide what insurance they need and what type of insurance would best fit their individual situations. Bob is married with two children ages 5 and 7. Monty is married with no children. The clients are considering what Insurance coverage they should look at obtaining and what options make the most sense for their individual situations. Bob and his wife June are concerned about what would happen at eithers death and the impact on the household. Their priority is to provide for their children until they are finished attending post secondary school. After this point they anticipate that Insurance coverage that was orginally intended to cover the needs of the children, will be transitioned and continue for Estate considerations after the children have finished their post secondary studies. The Barkers acknowledge that they have been saving very little for future needs and spending any excess funds on entertainment and vacations. The Barkers have expressed an interest in having a policy that would allow for saving funds inside the plan, and would prefer having multiple options how to invest these funds. The Barkers also have indicated they are concerned about possibly needing additional Life Insurance coverage in the future, and what happens if either of them become uninsurable ? Monty Hall and his wife Sarah are much less convinced than the Barkers about the need for personal Life Insurance. Since they have no children and prefer to spend their excess income on other things.

The business partnership between Bob Barker and Monty Hall calls for Life Insurance plans that will ensure either individuals spouse is compensated, and their interest in the business is paid for, on the death of either Bob or Monty. Both Bob and Monty have agreed they dont wish to be in business with the other partners spouse. As self-employed individuals both Bob and Monty recognize the need for Disability insurance, and are concerned about the impacts of inflation should either suffer a prolonged disability, and be receiving payments for many years, possibly until age 65.

Please take note of the following when determining Bob Barkers individual need for Life Insurance coverage:

Bobs Wishes / Needs:

Bequests to World Wildlife Fund: $60,000

Final Expenses: $20,000

Loans (to be paid off): $28,000

Mortgage (to be paid off): $250,000

Education Fund: $100,000

Bobs Current Life Insurance Coverage:

$50,000 Whole Life Insurance Policy that he has had for years, with a $10,000 Cash Surrender Value and a $12,000 Adjusted Cost Base (ACB)

Monthly Income needs on the death of Bob (after taking care of Bob's Wishes/ Needs above) :

The Barker household requires $6,000 after tax monthly to cover expenses

Bobs Annual income after tax is $100,000

Junes Annual income after tax is $60,000