Luke Walker is $50$ years old and operates a medical appliances rental business.$$ He expects to sell the business when he retires at age $65.$ He took out a second mortgage on his home to obtain the money to start his business.$$ Luke and his wife have two small children ages $3$ and $5$ who they expect will attend college.$$ Which of Luke$$s life insurance needs are temporary and could appropriately be insured with term insurance?$$

Group of answer choices

Retirement fund and emergency fund

Educational fund and special needs fund to liquidate the business

Estate clearance fund and debt liquidation fund

A survivors fund and a special needs fund to replace lost earnings if a key employee dies