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Texas Tech University _PFP 3301 Unit 7 Project.

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PFI/PFP: Introduction to Personal Finance Unit 7 Project PFI/PFP: Introduction to Personal Finance Unit 7 Project Learning Goals: § Identify types of risk and determine appropriate strategies for assessing an ...

PFI/PFP: Introduction to Personal Finance Unit 7 Project PFI/PFP: Introduction to Personal Finance Unit 7 Project Learning Goals: § Identify types of risk and determine appropriate strategies for assessing and managing these risks § Understand the role of insurance in protecting human, financial, and property assets. § Identify and be familiar with the most basic estate planning documents Max and Sarah Smith are a married couple. They are both 30 years old and they have a 3-year-old girl. Max is a loan officer and earns $55,000 a year. Sarah works as a retail store manager and earns $50,000 a year. Max's life expectancy is 80 years and Sarah's is 82. They plan on retiring when they are 65. There are three health insurance policies that they could choose from (see attached). Health Insurance: Help Max and Sarah to determine which of the three plans to choose. They want to know which plan would be best if they estimate their medical costs at approximately $2,500 per year and which plan to use if they estimate their medical costs closer to $25,000 per year. Help the Smiths determine how much of their risk they should transfer and how much they should retain (for example a higher deductible means they are retaining more risk). Now suppose you are choosing the insurance for yourself. Based on your own situation, what is your annual medical cost and which insurance are you going to choose based on your family, history, lifestyle, etc.? Why? Life Insurance: What type of life insurances should the Smiths get? □ Term Life Insurance □ Cash-value Whole Life Insurance □ None Explain your reasoning with evidence from the course materials: Disability Insurance: What type of disability insurance should the Smiths get? Explain your reasoning with evidence from the course materials: Long-Term Care Insurance: Should the Smiths get long-term care insurance? Explain your reasoning with evidence from the course materials:

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