FIN/420 Personal Financial Planning

Complete the Wk 5 – Apply: ABA – Estate Planning in Connect.
Newlyweds Jamie Lee and Ross have had several milestones in the past year. They are newlyweds, recently purchased their first home and now have twins on the way! Jamie Lee and Ross must seriously consider their insurance needs. A family, a home and now babies on the way, they need to develop a risk management plan to help them should an unexpected event arise.
Answer the following:
Based on their current life status, what are some of the goals Jamie Lee and Ross should set to achieve when developing their insurance plan?
What four questions should Jamie Lee and Ross ask themselves as they develop the risk management plan?
Once Jamie Lee and Ross put their insurance plan in to action, what should they do to maintain their plan?
Considering the value of Jamie Lee and Ross’ automobiles, what type of automobile insurance coverage would you suggest for them?
What financial strategy would you suggest to Jamie Lee and Ross to enable them to save money on their insurance premiums?
Current Financial Situation:
Assets (Jamie Lee and Ross combined):
Checking account: $2,500
Savings Account: $16,000
Emergency Fund savings account: $19,100
IRA balance: $25,000
Car: $11,500 (Jamie Lee) and $19,000 (Ross)
Liabilities (Jamie Lee and Ross combined):
Student loan balance: $0
Credit Card Balance: $3,500
Car Loans: $7,000
Jamie Lee: $45,000 gross income ($31,500 net income after taxes)
Ross: $73,000 gross income ($60,800 net income after taxes)
Monthly Expenses
Mortgage: $1,225
Property taxes: $400
Homeowner’s insurance: $200
Utilities: $160
Food: $500
Gas/Maintenance: $275
Credit Card Payment: $275
Car Loan Payment: $289
Entertainment: $125
Surprise! Jamie Lee and Ross were stunned to find that their family of two has grown to a family of five! They were expecting twins until they found out the day they were born that they were actually the parents of triplets! Ross immediately had worries of being able to provide for the growing family: diapers, formula, college expenses times three! What if something happened to him or Jamie Lee? How would the surviving parent be able to provide for such a large family?
Within days of the triplets’ arrival, Jamie Lee and Ross began researching and comparing various agencies for the purchase of a life insurance policy.
What characteristics should Ross look for when choosing a life insurance agency?
What sources could he reference for help when choosing a life insurance agency?
Jamie Lee and Ross need to ensure that the surviving spouse and the children will not have financial hardship in the event of a loss.
Using the Easy Method and considering Ross’ salary in the calculation, how much life insurance will they need?
With so many policy variations to choose from, Ross and Jamie Lee are unsure which company is offering the most competitive rates.
How will they be able to compare the rates between the various companies?
Jamie Lee and Ross have a limited budget for the life insurance necessity now that they have the additional present-day expenses of the triplets to consider.
What type of life insurance would you recommend for the family at this life stage and what are its associated advantages and disadvantages

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