Review both portfolio family scenarios in Module 8. Select the one you plan to work on for this course. Then, compare and contrast the two situations, completing the task below:
Describe the types of insurance options each family has available to them and which ones each family needs.
Discuss the differences in Edgar and Jasmine’s needs vs. Paul and Ann’s needs.
How will the needs for each family change over the next 20 years?
Submit a 1-2 page summary of your comparison. Include your list of resources for each type of insurance you can start to use to build out their plan. Provide at least 2 resources formatted according to the CSU Global Writing Centers Links to an external site., at least 1 should be , to support your findings. Use the CSU Global Library Links to an external site. to find additional appropriate scholarly/academic references beyond the references given in the modules.
Paul and Ann Smith are in their 20’s and have no children. Both are working full time.
Combined income of $100,000 a year.
They plan to have children in the future, but are thinking about 10 years down the road. They would like to fund part of their childrens’ higher education.
Paul would like to quit his job (he makes $35,000 of their income) to start his own consulting business.
They rent an apartment, and Ann has health insurance through work that can cover them both.
They like to drive new cars, so have vehicle loans of $40,000, at 2% interest (due to their very good credit).
Ann received an inheritance from her aunt when she was 19 years old of $100,000 which she promptly invested in a mutual fund earning 6% annually.
Ann plans to contribute 10% of her income to the 403B at her job.
Paul would like to open some type of when he leaves his job.
Edgar and Jasmine are 54 and 49 respectively. They are both employed and have two teenage children who plan to attend college.
Edgar makes $100,000 a year
Jasmine makes $127,000 a year
Each are interested in income replacement if they become disabled, or die.
Since their house will be paid off in 20 years, Jasmine feels she only needs to have coverage until that time.
Edgar would like to have enough coverage on both of them to cover a funeral if necessary.
They would like to be able to pay for their childrens’ higher education.
They also want to make sure they are not a burden to their children should they need nursing home care.
They have two car loans totalling $35,000, and plan to continue to every three years (so they will continue to have vehicle loans, requiring full coverage on their cars).
They also have $25,000 in credit card debt that they are working hard to pay off.
They have health coverage through work, and both have the option to participate in 401K plans which average an 8% return.
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