George and Mary Keys are very excited over the news that they are to be parents.
ID: 2634575 • Letter: G
Question
George and Mary Keys are very excited over the news that they are to be parents. Since their graduation from college three years ago, they have purchased a new house and a new car. They owe $130,000 on the house and $8,000 on the car. Their only life insurance consists of $75,000 of term coverage on George and $50,000 on Mary. This coverage is provided by their employers as an employee benefit. Their personal balance sheet shows a net worth (assets minus liabilities) of $80,000. George is rapidly moving up within his company as special projects engineer. His current annual salary is $60,000. In anticipation of the new arrival, George is considering the purchase of additional life insurance. He feels that he needs at least $500,000 in coverage, but his budget for life insurance is somewhat limited. The couple has decided that Mary will stay at home with the new baby and put her career on hold for ten years or so while this baby and perhaps a later sibling or two are young.
Explanation / Answer
A.1. Being an Insurance Agent (Financial Planner) for Mary - I would personally recommend Mary to go for Life Insurance Policy as not only it covers all Medical and Non Medical Benefits but also it will Protect her and her Family Members against the risk towards her Family.
A.2. Will be presenting by showing a Cycle that how it be Important on every aspect of the Life-
. Basic Need= Expenses= Covering all Installments (Car,Home) =Retirement Coverage
A.3. As George Payment is expect to rise in the near future, On the basis of that they can opt to take the Cover of the Policy in which Premium to pay high so accordingly your life cover gets extended which indirectly her whole life gets covered.
Incase of an Unfortunate detah of the family memeber Nominee is entitled to receive the whole Insurance Cover money ( Sum Assured)
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.