Kathy is a thirty-two year old, stay-at-home mother of three children aged 4, 2, and six...

Kathy is a thirty-two year old, stay-at-home mother of three children aged 4, 2, and six months. The family doesn't have much extra money each month. Kathy has no life insurance coverage, but she feels she should buy a policy to cover her life in case something happens to her and her husband would need to provide care for the children. Her husband does not think it is necessary.

What kind of life insurance policy would you suggest would be best for her to buy and why?

Expert Solution

I would recommend term insurance for her as in less premium it will give more returns if in case of any unfortunate event.

This insurance will make sure that a large sum assured is paid in case of death/permanent disability and children/parents will not have many problems.

Having ter plan will give her mental peace about future financial resources. If possible she should also have a medical insurance for full family. If govt. has a good medical insurance scheme, they should enroll in it to get all benefits.

Rahul Sunny answered 2 years ago

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