(a) In what way does Nicole’s return to school alter the Greenwoods’ life insurance needs?
(b) Would you agree that the amount of life insurance provided by the Greenwoods’ respective employers is adequate while Nicole is in school? Explain your response.
(c) Summarize how the Greenwoods’ life insurance needs might change over their life cycle.

Just-married couples sometimes over-indulge in the type and amount of life insurance that they buy. Jason and Nicole Greenwood of Walnut, California, took a different approach. Both were working and had a small amount of life insurance provided through their respective employee benefit programs: Jason, $40,000, and Nicole, $50,000. During their discussion of life insurance needs and related costs, they decided that if Nicole completed her master’s degree in industrial psychology, she would have better employment opportunities. Consequently, they decided to use money they had available for additional life insurance to pay for Nicole’s education. They both feel, however, that they do not want to have inadequate life insurance.