Assignment
Scenario
Bob and Barbara Parker are in their 30s and have been married for 7 years. They have 2 children. They own 2 cars and a home valued at $500,000. Bob owns 50% of a garage door installation company valued at $2,000,000. The business provides the Parkers with a gross annual income of $150,000 per year. The Parkers have $300,000 in their retirement account and $100,000 in their personal checking account. Bob's partner, Rick Wilson, owns the other 50% of the business. Bob has a $250,000 term life insurance policy but no other insurance coverage.
Part 1
• What should the Parkers consider when deciding what insurance coverage they need?
• Do they have sufficient insurance coverage? If not, what type of insurance coverage do you recommend for them?
• How can they keep their insurance costs down?
Part 2
Complete a chart with recommended coverage and amounts of coverage. (included in draft of full paper)
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.