Assignment on Insurance Planning

Added on - 28 May 2020

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Running head: INSURANCE PLANNINGInsurance PlanningName of the Student:Name of the University:Author’s Note:
1INSURANCE PLANNINGPart 1Lee and Kate have been married since the year 2008 and they have known each othersince their college days. They have two children named Wyatt aged 5 year and Sawyer aged 3year. The Lee works full time and gains significant amount of income and on the other hand Kateworks part time and plans to work full time once Sawyer joins kindergarten. The couple have theobjective of planning their insurances in such a manner so that all their objectives would be metand they along with their children would have a secured lifestyle. Hence, the insurance planningobjectives of the couple have been given below:The initial objective of planning the insurance has been to safeguard the future ofWyatt and Sawyer as both of them are infants and have a long course of life aheadof them. In this respect, insurance plans have to be taken with the help of which thefuture life of their children can be secured.The health status of the Lee addresses that he has plantar fasciitis and occasionaljoint pain. The family history of Lee even highlights the chances of bowel cancer.The doctor has even suggested taking care of his sleeping and eating habits and hasasked not to take much stress. Hence, with these issues it is essential for Lee topurchase an insurance that would be able to provide financial remuneration to hisfamily in case of death and permanent or temporary disablement. In case of anysuch scenario, his family can be secured and would be able to maintain a smoothand healthy lifestyle.Lee and Kate has observed that their children is quite young and have a long way togo in their life. The couple even has the plan of making their children attend collegeor universities and educate them so that they can have a successful career. In order
2INSURANCE PLANNINGto do the same, it is essential that the couple purchases an insurance plan that wouldbe able to meet the future educational expenses of their two children.The couple have individual cars and the cars need to be insured in order tosafeguard them from any sort of unprecedented events.Lee draws significant amount of salary annually and therefore needs to purchaseinsurances that would be able to remunerate similar amount of money to his familyso that their financial scenario can be sustained.The other insurance objective has to safeguard their property where they reside sothat in case of any unprecedented events their children will and spouse would beable to live properly.The need for insurance even revolves around the fact that the couple has anoutstanding mortgage for the house they have bought and in case of anyunprecedented events the liability to pay the mortgage would fall on their infantchildren. Insurance would be helpful in paying the mortgage on their behalf.Part 2There are various problems that are pertinent with the death, disability or retirement of thecouple. These issues need to be highlighted so that the couple can make adequate changes intheir plans. There has been an observation that their children are infant and they requiresufficient amount of expenses with the help of which they can educate their children and cancreate a healthy career for them. In case of death, disability and retirement of Lee, the permanentincome would be hampered and the family would face financial issues and therefore his plan ofeducating his children and establishing a career for them would face problems. In the samescenario if the same happens to Kate, then the level of financial issues would be lower but the
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