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The Parkers have two children, two cars, a very nice home, and own half of a business that is doing pretty good for itself. Bob Parker, currently has $250,000 of term life Insurance. Below are my recommendations for other insurances and the reasons that they are needed.
Outline
I. Introduction
A. This will be an introduction of Bob and Barbra Parker and their insurances needs.
II. The Parkers Considerations
A. They need to consider how much debt they have.
B. They need to consider how their family would survive if something happens to Bob.
C. They need to take into consideration how they are paying for education.
D. They need to talk about ensuring their cars and homes as soon as possible.
III. The Parkers do not have enough insurance.
These are my recommendations
A. First things first, they need to have car insurance on both cars and on everyone that is in driving age, including the children, if applicable.
B. Second, they need to have that $500,000 house insured with homeowners.
C. The next thing is to make sure that the business is insured, including liability insurance in case anyone is hurt by the garage doors.
D. Life Insurance for Mrs. Parker needs to be arranged and possibly adding riders to hers for education for the children.
E. Disability and long-term care insurance can be additional insurance purchased for later in life.
IV. Let’s keep the cost down
A. To keep cost down, we need to think ahead and plan in advance.
B. If the Parkers bundle their homeowners and car insurance, possibly Mrs. Parker's life insurance as well, there will be big discounts and savings.
C. They can look for other discounts, such as safe driver discount, or good credit record discount.
3 Important Types of Insurance to Have When Preparing for Retirement. (2016, March 15). Retrieved from https://www.betterment.com/resources/3-important-types-of-insurance-when-preparing-for-retirement/
McNamara, M. (2014.). Principles of Risk Management and Insurance (12th Ed.). ISBN: 9781323619315
Nine Ways to Lower Your Auto Insurance Costs. (2016). Retrieved from https://www.iii.org/article/nine-ways-to-lower-your-auto-insurance-costs