Sharon, age $28,$ is a single parent who earns $$30,000$ annually as a secretary at a local university. She is the sole support of her son, age $3.$ Sharon is concerned about the financial well$-$being of her son if she were to die. Although she finds it difficult to save, she would like to start a savings program to send her son to college. She is currently renting an apartment but would like to own a home someday. A friend has told her that life insurance might be useful in her present situation. Sharon knows nothing about life insurance, and the amount of income available for life insurance is limited$.$ Assume you are a financial planner who is asked to make recommendations concerning the type of life insurance that Sharon should buy. The following types of life insurance policies are available:Five$-$year renewable and convertible termLife$-$paid$-$up$-$at$-$age $65$Ordinary life insuranceUniversal life insuranceWhich of these policies would best meet the need for protection of Sharons son if she were to die prematurely? Explain your answer.Which of these policies best meets the need to accumulate a college fund for Sharons son? Explain your answer.Which of these policies best meets the need to accumulate money for a down payment on a home? Explain your answer.What major obstacle does Sharon face if she tries to meet all of her financial needs by purchasing cash$-$value life insurance?Assume that Sharon decides to purchase the five$-$year term policy in the amount of $$300,000.$ The policy has no cash value. Identify a basic characteristic of a typical term insurance policy that would help Sharon accumulate a fund for retirement.