The advice given by person X for person M.

Question

explain how you would position the applicable and needed insurance solutions to fit both the clients budget and needs for the following instances: Winston and Neisha have been married for almost 40 years. Neisha is 60 and Winston is 63. Neisha works in HR with her present company and has $300,000 in retirement savings. Winston works for the state government which provides him a pension of $1,500 per month (100% transferrable to Neisha) and $200,000 in a 457b plan. They have no debt and full health care benefits through Winston. They will have $2,500 per month combined Social Security income, no debt, and monthly expenses of $5,000. They plan to retire when Winston is 65 years old. Austin and Jenifer are both 35 years old with two (2) children ages 7 & 9. Austin works as an IT Manager with a medium-size firm and his salary is $120,000 annually. Jenifer stays at home with their children and works part-time earning approximately $10,000 to $15,000 a year. They had no other debt…

Answer 1

Question

Chapter 8, Problem 1FPE

a)

Summary Introduction

To discuss: The advice given by person X for person M.

b)

Summary Introduction

To discuss: The factors considered in purchasing extra life insurance.

c)

Summary Introduction

To discuss: The kinds of policy person M will purchase.

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explain how you would position the applicable and needed insurance solutions to fit both the clients budget and needs for the following instances: Winston and Neisha have been married for almost 40 years. Neisha is 60 and Winston is 63. Neisha works in HR with her present company and has $300,000 in retirement savings. Winston works for the state government which provides him a pension of $1,500 per month (100% transferrable to Neisha) and $200,000 in a 457b plan. They have no debt and full health care benefits through Winston. They will have $2,500 per month combined Social Security income, no debt, and monthly expenses of $5,000. They plan to retire when Winston is 65 years old. Austin and Jenifer are both 35 years old with two (2) children ages 7 & 9. Austin works as an IT Manager with a medium-size firm and his salary is $120,000 annually. Jenifer stays at home with their children and works part-time earning approximately $10,000 to $15,000 a year. They had no other debt…

Deciding if additional life insurance is needed and, if so, appropriate type. Use Worksheet 8.1. Harvey Cook, 45, is a recently divorced father of two children, ages 10 and 7. He currently earns $95,000 a year as an operations manager for a utility company. The divorce settlement requires him to pay $1,500 a month in child support and $400 a month in alimony to his ex-wife. 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 on the policy. What advice would you give to Harvey? What factors should he consider in deciding whether to buy additional life insurance at this point in his life? If he does need additional life insurance, what type of policy or policies should he buy? Use Worksheet 8.1 to help answer these questions for Harvey.

Answer 2

Question

Chapter 8, Problem 1FPE

a)

Summary Introduction

To discuss: The advice given by person X for person M.

b)

Summary Introduction

To discuss: The factors considered in purchasing extra life insurance.

c)

Summary Introduction

To discuss: The kinds of policy person M will purchase.

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Answer 3

Question

Chapter 8, Problem 1FPE

a)

Summary Introduction

To discuss: The advice given by person X for person M.

b)

Summary Introduction

To discuss: The factors considered in purchasing extra life insurance.

c)

Summary Introduction

To discuss: The kinds of policy person M will purchase.

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Answer 4

Question

Chapter 8, Problem 1FPE

a)

Summary Introduction

To discuss: The advice given by person X for person M.

b)

Summary Introduction

To discuss: The factors considered in purchasing extra life insurance.

c)

Summary Introduction

To discuss: The kinds of policy person M will purchase.

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Answer 5

Chapter 8, Problem 1FPE

a)

Summary Introduction

To discuss: The advice given by person X for person M.

b)

Summary Introduction

To discuss: The factors considered in purchasing extra life insurance.

c)

Summary Introduction

To discuss: The kinds of policy person M will purchase.

Answer 6

Chapter 8, Problem 1FPE

a)

Summary Introduction

To discuss: The advice given by person X for person M.

Answer 7

Chapter 8, Problem 1FPE

a)

Summary Introduction

To discuss: The advice given by person X for person M.

Answer 8

b)

Summary Introduction

To discuss: The factors considered in purchasing extra life insurance.

Answer 9

b)

Summary Introduction

To discuss: The factors considered in purchasing extra life insurance.

Answer 10

c)

Summary Introduction

To discuss: The kinds of policy person M will purchase.

Answer 11

c)

Summary Introduction

To discuss: The kinds of policy person M will purchase.

Answer 12

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Answer 13

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Answer 14

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Answer 23

Ch. 8 - Prob. 1LO Ch. 8 - Prob. 2LO Ch. 8 - Prob. 3LO Ch. 8 - Prob. 4LO Ch. 8 - Prob. 5LO Ch. 8 - Prob. 6LO Ch. 8 - Prob. 1FPE Ch. 8 - Prob. 2FPE Ch. 8 - Prob. 3FPE Ch. 8 - Prob. 4FPE

The advice given by person X for person M.

Solution Summary: The author explains that person M might require an additional 200,000 in life insurance to save his ability of estates to pay the allowance and kid support payments.

To discuss: The advice given by person X for person M.

To discuss: The factors considered in purchasing extra life insurance.

To discuss: The kinds of policy person M will purchase.

Chapter 8 Solutions