List what insurance coverages that the following family would need. Family: Moth

Question

List what insurance coverages that the following family would need.

Family: Mother age 37; Father age 39; 3 children ages 14, 11, 8, dog age 3

Income: Mother $35,000; Father $115,000 (both employed outside of home)

Assets: Home $350,000; in ground pool, perimeter trees and shrubs, storage shed, 2 Autos (2014 SUV, 2011 Sedan) $22,000 savings, $4,500 in antiques, both have IRA's current total = $25,000.

Other Data: Living in Allentown, PA, Father commutes 37 miles round trip 5 days a week, mother commutes 5 mile a day round trip. Mother's parents both living (61 and 59).

Explanation / Answer

The following insurance policies can be taken.

1.Life insurance for mother, father,3 childrens, dog.

2.Auto insurance for 2 autos.

3.Medical insurance for entire family.

4.Term insurance policy for mother and father i, e working members the premium is less and on occourance of some event entire family gets huge amount.If no event iccours we wont get anything it has fixed premium.

5.Household insurance covers fire, flood, earthquake causing damages and losses to household assets.

6.Personal accidental insurance cover for mother and father as they commute a lot.

The medical insurance will be floating insurance for the family including mother's parents,

7.The building insurance will cover all the in ground pool, peremeter trees and shrubs, stirage sheds ,entire compound if home .

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