Term Life Insurance Case Study: Married with Two Children

Client: John, age 35*

Occupation: Engineer

Annual Income: $100,000

Family: Married with two children (ages 5 and 7)

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Situation: John is a 35-year-old engineer with a family of four. He is the sole provider for his family and wants to ensure their financial security in the event of his death. He has been considering purchasing a life insurance policy, but is not sure what type of policy is best for his situation.

Objective: To provide John with the coverage he needs to protect his family's financial future in the event of his death.

Analysis: Based on John's current situation, a term life insurance policy is the best option for him. A term life insurance policy provides coverage for a specific period of time, usually 10, 15, 20, or 30 years, and pays a death benefit to the beneficiaries if the policyholder dies during the term.

Recommendation: John should purchase a 20-year term life insurance policy with a coverage amount of $500,000. This will provide him with peace of mind, knowing that his family will have financial security in the event of his death. The premium for a 20-year term life insurance policy for a 35-year-old in good health is typically very affordable, and John will be able to lock in his rates for the entire 20-year term.

Conclusion: By purchasing a term life insurance policy, John will be able to provide his family with the financial security they need in the event of his death. This will give him peace of mind and allow him to focus on the important things in life, such as his family and career.

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*Case study designed for educational purposes only.