Natasha (age 32) and Greg (age 32) have a 2 year old child. Natasha had her own
Question:
Natasha (age 32) and Greg (age 32) have a 2 year old child. Natasha had her own small business but because of the pandemic she lost a lot of business, gained a lot of debt and unfortunately had to close the business. She is now unemployed. Greg works as a firefighter. His job provides him with good benefits including 2x life insurance, disability coverage and EHC as well as a pension.
After giving birth to her child, Natasha had some mental health issues and was diagnosed with depression. She stays home to care for the child and takes care of all household duties but also requires hired help due to her illness. Greg is in good health but there is a history of cancer in his family.
Natasha and Greg currently rent a townhouse close to the fire hall. They plan on staying there as the rent is reasonable and the location is ideal for Greg. They own one vehicle, a Toyota Rav 4 that is 10 years old. They have liability coverage of $1,000,000 on the vehicle. Other than that they do not have any significant assets. They are cash flow neutral at this time but have accumulated some debt due to Natasha’s lack of employment and needing to hire help.
Required:
Identify 2 major risks they face and state what approach you would take to mitigate the risks based on the scenario provided.
