Insurance

$250,000 term life insurance policy but no other insurance coverage.

Part 1 (Week 4)

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 (Week 4)

Complete a chart with recommended coverage and amounts of coverage.

Part 3 (Week 5)

Discuss taxation of life insurance proceeds and disability insurance payments.
Assume that Bob’s 50% partner in the business is his old college friend Rick Wilson.
Rick’s wife, Delores, has no interest in running the business. Do the Parkers need a buy-sell agreement? Describe the types of buy-sell agreements.

 

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Insurance was first posted on March 25, 2020 at 9:45 am.
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