You are a life and health insurance agent for the following client:
- married, both 42 years old, three children (ages 14, 12, and 7);
- wife works full-time earning $77,000 per year;
- own $235,000 home (17 years left on a 30-year mortgage at 5.15%);
- family health insurance (HMO) with 90% paid by employer ($15,000 employer premium), but can select a fully employer-paid HDHP PPO plan ($2,500 annual family deductible; employer-provided HSA of $1,800);
- 2x earnings group term life insurance for wife;
- $72,000 in 401(k).
- No estate planning done.
What do you recommend as it pertains to life insurance, health insurance, retirement planning, and estate planning? Be specific and provide explanations for decisions. Provide real-life examples and explanations for your recommendations.