Your friend Brad Brooks tells you about his plans to upgrade his auto insurance. Specifically, he would like to add several types of coverage to his policy, such as uninsured motorist coverage and rental car coverage. Recall that Brad is $30$ years old. His driving record includes several speeding tickets and two accidents $($one of which he caused$).$He realizes that adding coverage will increase the cost of his insurance. Therefore, he is thinking about switching to a less expensive insurance company.

$3.$ Brad is trying to decide between term life insurance and whole life insurance. He likes whole life insurance, as he believes that the loan feature on that policy will give him an option for meeting his liquidity needs.

Concerning Brad$$s life insurance decision, comment on the following:

a$.$ Does Brad need life insurance?

b$.$ Brad was told by a life insurance agent that he should consider whole life insurance because it can serve as an investment that can grow over time.

c$.$ The insurance agent told Brad that a whole life policy$$s loan feature is a means for maintaining liquidity.