Question: Assignment Content Harvey Cook, 45, is a recently divorced father of two children, ages 10 and 7. He currently earns $95,000 a year as an

Assignment Content Harvey Cook, 45, is a recently divorced father of two children, ages 10 and 7. He currently earns $95,000 a year as an operat manager for a utility company. The divorce settlement requires him to pay $1,500 a month in child support, until the last ch 18 years old and $400 a month in alimony to his ex-wife for the next 22 years. She currently earns $35,000 annually as a schoolteacher. Harvey is now renting an apartment, and the divorce settlement left him with about $100,000 in savings and retirement benefits. His employer provides a $75,000 life insurance policy. Harvey's ex-wife is currently the beneficiary listed policy. Harvey plans to provide $200,000 toward his children's college fund and expects his final expenses to cost $10,000. Assignment Task: 1. Calculate Harvey's additional life insurance need using Tab 1 of the worksheet attached. Answer the following quest a. How much additional life insurance does Harvey need? b. Based on our discussion in class, what type of policy or policies should he consider buying? Why? 2. Calculate your life insurance need using Tab 2 of the worksheet attached. Answer the following questions: a. How much life insurance coverage do you need? b. What type of coverage should you consider buying to best fit your needs?

Harvey Cook, 45, is a recently divorced father of two children, ages 10 and 7. He currently earns $95,000 a year as an opera manager for a utility company. The divorce settlement requires him to pay $1,500 a month in child support, until the last ch 18 years old and $400 a month in alimony to his ex-wife for the next 22 years. She currently earns $35,000 annually as a schookeacher. Harvey is now renting an apartment, and the divorce settlement left him with about $100,000 in savings and retirement benefits. His employer provides a $75,000 life insurance policy. Harvey's ex-wife is currently the beneficiary liste policy. Harvey plans to provide $200,000 toward his children's college fund and expects his final expenses to cost $10,000. Assignment Task: 1. Calculate Harvey's additional life insurance need using Tab 1 of the worksheet attached. Answer the following ques a. How much additional life insurance does Harvey need? b. Based on our discussion in class, what type of policy or policies should he consider buying? Why? 2 Calculate your life insurance need using Tab 2 of the worksheet attached. Answer the following questions: a. How much life insurance coverage do you need? b. What type of coverage should you consider buying to best fit your needs

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