Reference no: EM133190010

Assignment:

Single mother with three kids under the age of 10. She is a partner at an accounting firm. Since the start of COVID-19, she is primarily working from home. The family recently got a puppy and last summer installed a swimming pool. She has not made any changes to her auto or home insurance coverage in the last four years. One of her goals is to have $40,000 for each child to assist with post-secondary education costs. Her life insurance coverage includes a 25-year term life insurance policy (death benefit: $300,000, beneficiary: her Mom, policy date: 10 years ago) and from work life insurance of 2x salary (beneficiary: her estate). She wants to ensure that the life insurance proceeds will go to her children and will not be used to pay off her debts.

Questions

1. What is the need for various types of insurance or the use of other financial planning programs? Why whether they would benefit from having various coverages or programs or any changes to their existing coverage. Include your rationale.

2. For life insurance discussions, indicate how you would estimate the coverage amount needed (words only, no calculations) and what type of life insurance would be best suited for their situation.

3. What additional specific questions or specific details would you need from the client to provide recommendations?

Please list references and sources that being used