Bridget and John, aged 55 and 58 respectively, seek your professional advice concerning their financial affairs. Bridget works in a local grocery store 3 days a week, whilst John is a retired academic. The couple has 2 children aged 27 and 23. Only the youngest child is still living at home but plans to move out within the next 1 or 2 years. Bridget and John have currently $340,000 and $160,000 respectively in their Superannuation fund. The couple also holds Equity managed funds worth $370,000 jointly. The couple approached you in order to understand if they need to take out some life insurance and income protection insurance. The couple is currently insured for house and contents, car and private health insurance. REQUIRED: (a) Do you believe that "life insurance" and "income protection insurance" are appropriate for both Bridget and John? Discuss. (b) Describe the purpose of "trauma insurance" to the couple. (c) The couple have no Wills in place and, until now, and has not thought about their estate planning requirements. Briefly discuss any four estate planning issues that Bridget and John should be made aware of.