Life Situation Financial Data The Brocks are assessing their health insurance co
ID: 2419196 • Letter: L
Question
Life Situation
Financial Data
The Brocks are assessing their health insurance coverage. Since Josh's current employer offers him only 30 days of sick leave, they need to consider this factor when assessing disability insurance plans.
Since Pam's work activities have varied, the family is dependent on Josh's health insurance. In recent weeks, his company is considering several types of plans. These alternatives include traditional health insurance programs and HMOs, with a wide variety of coverage and cost differences.
Both Pam and Josh Brock are pleased with their lives and various family activities. They now have three children, are enjoying their home, and are more financially secure than six years ago. Yet the Brocks still have financial needs they must address.
Several changes have affected their financial planning. The value of their home has increased due to inflation and home improvements. They have purchased a used car to meet additional transportation needs. These situations must be considered in relation to insurance needs for the Brock household.
Questions
Q3. How should the Brocks determine whether they have enough insurance coverage for their home?
Life Situation
Financial Data
Pam, 36Josh, 38
3 Children, ages 9, 7 and 4 Monthly income $4,300 Living expenses $4,075 Assets $50,850 Liabilities $99,520
Explanation / Answer
Brocks should consider following points while planning for home insurance need
1- brocks and his family having liabilities more than assetsso it is a prime concern and family is dependent on josh health insurance no other insurance plan is with them so for any accidental issue they donot have any insurance or life coverage.
Their monthly income is 4300 and expenses are 4075 a very less amount of savings for uncertainity.they are having a big family with 5 members so their growing expenses are a prime concern.
They should include sime term plan and life coverage so that in case of any uncertainity family can meet its expenses with out any difficulty.
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