3. Recommend a type of life insurance (including the dollar amount and length of the policy...
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3. Recommend a type of life insurance (including the dollar amount and length of the policy in years) for the following people. Be sure to EXPLAIN how you came up with the SSS amount. A) Sue is 26 years old, a single mom with two children. Jake-age 5 and Grace-age 7. She currently makes $45.000 a year as a registered nurse. She has $9,000 in an emergency fund. owns her 1994 Nissan Altima, has $28,000 in her company's 401K. and owns her house (market value of $89,000 with a mortgage of $54,000). She has no other debt. B) Joe is 26 years old and single. He has no dependents and makes $65,000 a year as a commodities trader. He rents a studio apartment for $1500 a month that is nicely furnished. He has no emergency fund and no retirement or savings. He owns a really cool Porsche Boxter... (well not really owns it since the loan balance is $52,000). He has no other debt. C) Monica and Manuel Juarez are a dual-career couple who just had their first child. Manuel. age 29, already has a group life insurance policy for $200,000, but Monica's employer does not offer life insurance. An insurance agent is recommending that the 25-year-old Monica buy a $150,000 whole life policy that carries an annual premium of $1,370. They are currently renters, have $4.000 in an emergency fund, and own their two cars: a 2004 Nissan Altima and a 1995 Toyota T-100. They have no other debt and Manuel makes $45,000 a year and Monica makes $55,000. What do you think? EXPLAIN and make recommendations for life insurance for both of them. 3. Recommend a type of life insurance (including the dollar amount and length of the policy in years) for the following people. Be sure to EXPLAIN how you came up with the SSS amount. A) Sue is 26 years old, a single mom with two children. Jake-age 5 and Grace-age 7. She currently makes $45.000 a year as a registered nurse. She has $9,000 in an emergency fund. owns her 1994 Nissan Altima, has $28,000 in her company's 401K. and owns her house (market value of $89,000 with a mortgage of $54,000). She has no other debt. B) Joe is 26 years old and single. He has no dependents and makes $65,000 a year as a commodities trader. He rents a studio apartment for $1500 a month that is nicely furnished. He has no emergency fund and no retirement or savings. He owns a really cool Porsche Boxter... (well not really owns it since the loan balance is $52,000). He has no other debt. C) Monica and Manuel Juarez are a dual-career couple who just had their first child. Manuel. age 29, already has a group life insurance policy for $200,000, but Monica's employer does not offer life insurance. An insurance agent is recommending that the 25-year-old Monica buy a $150,000 whole life policy that carries an annual premium of $1,370. They are currently renters, have $4.000 in an emergency fund, and own their two cars: a 2004 Nissan Altima and a 1995 Toyota T-100. They have no other debt and Manuel makes $45,000 a year and Monica makes $55,000. What do you think? EXPLAIN and make recommendations for life insurance for both of them. 3. Recommend a type of life insurance (including the dollar amount and length of the policy in years) for the following people. Be sure to EXPLAIN how you came up with the SSS amount. A) Sue is 26 years old, a single mom with two children. Jake-age 5 and Grace-age 7. She currently makes $45.000 a year as a registered nurse. She has $9,000 in an emergency fund. owns her 1994 Nissan Altima, has $28,000 in her company's 401K. and owns her house (market value of $89,000 with a mortgage of $54,000). She has no other debt. B) Joe is 26 years old and single. He has no dependents and makes $65,000 a year as a commodities trader. He rents a studio apartment for $1500 a month that is nicely furnished. He has no emergency fund and no retirement or savings. He owns a really cool Porsche Boxter... (well not really owns it since the loan balance is $52,000). He has no other debt. C) Monica and Manuel Juarez are a dual-career couple who just had their first child. Manuel. age 29, already has a group life insurance policy for $200,000, but Monica's employer does not offer life insurance. An insurance agent is recommending that the 25-year-old Monica buy a $150,000 whole life policy that carries an annual premium of $1,370. They are currently renters, have $4.000 in an emergency fund, and own their two cars: a 2004 Nissan Altima and a 1995 Toyota T-100. They have no other debt and Manuel makes $45,000 a year and Monica makes $55,000. What do you think? EXPLAIN and make recommendations for life insurance for both of them. 3. Recommend a type of life insurance (including the dollar amount and length of the policy in years) for the following people. Be sure to EXPLAIN how you came up with the SSS amount. A) Sue is 26 years old, a single mom with two children. Jake-age 5 and Grace-age 7. She currently makes $45.000 a year as a registered nurse. She has $9,000 in an emergency fund. owns her 1994 Nissan Altima, has $28,000 in her company's 401K. and owns her house (market value of $89,000 with a mortgage of $54,000). She has no other debt. B) Joe is 26 years old and single. He has no dependents and makes $65,000 a year as a commodities trader. He rents a studio apartment for $1500 a month that is nicely furnished. He has no emergency fund and no retirement or savings. He owns a really cool Porsche Boxter... (well not really owns it since the loan balance is $52,000). He has no other debt. C) Monica and Manuel Juarez are a dual-career couple who just had their first child. Manuel. age 29, already has a group life insurance policy for $200,000, but Monica's employer does not offer life insurance. An insurance agent is recommending that the 25-year-old Monica buy a $150,000 whole life policy that carries an annual premium of $1,370. They are currently renters, have $4.000 in an emergency fund, and own their two cars: a 2004 Nissan Altima and a 1995 Toyota T-100. They have no other debt and Manuel makes $45,000 a year and Monica makes $55,000. What do you think? EXPLAIN and make recommendations for life insurance for both of them.
Expert Answer:
Answer rating: 100% (QA)
A For Sue as a single mom with two children its important to ensure that her life insurance coverage provides financial security for her children in c... View the full answer
Related Book For
Introduction To Statistical Investigations
ISBN: 9781118172148
1st Edition
Authors: Beth L.Chance, George W.Cobb, Allan J.Rossman Nathan Tintle, Todd Swanson Soma Roy
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