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. Bobâ€™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.
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- 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?
Complete a chart with recommended coverage and amounts of coverage.