Richard was very indulgent and paid little attention to his health. He went out on shopping sprees that he and Monica couldn’t afford. He was overweight. He used alcohol excessively and smoked. His doctor had warned him of his unhealthy habits including a high cholesterol level, which placed him at risk of a major illness. His work output was excellent, but he often got into verbal arguments with superiors. The result was a reputation as a brilliant but unsteady worker who shifted from job to job often.
Monica was a vegetarian who exercised regularly. Her doctor told her she had the physical condition of a woman 10 years younger. Given Richard’s erratic behavior, one would think Monica would be under great stress. When I posed that question to her, she said that she had learned to cope with Richard’s behavior.
The couple had no life insurance except for a policy providing one times Richard’s salary at work. Monica had often asked Richard to get some additional insurance. His reply was that they did not have enough money. Monica specifically requested that I look at term and whole life insurance and tell her the type and amount of insurance that was appropriate.
Richard and Monica’s insurance policies are summarized below:
· Medical coverage was adequate.
· Auto insurance was at the minimum level for the state of $50,000 to $100,000 per accident.
· Homeowners insurance was at a level of 50 percent of replacement cost for the house. They had a 90 percent co-insurance clause.
· Richard had no disability coverage.
· A note saying that Richard didn’t want long-term care insurance, but Monica was interested in looking at it.
Case Application Questions
1. What recommendations would you make to improve the couple’s risk profile?
2. Do you believe they should have more insurance?
3. Which type would you recommend: whole life or term insurance?
4. What is your recommendation for auto insurance?
5. What is your home owner’s insurance recommendation?
6. Give the advantages for Richard obtaining disability insurance.
7. Do you believe Richard and/or Monica should have long-term care insurance? Why?
8. Prepare the overall risk management, life, and other insurance parts of the financial plan using answers to the questions above.
Solve/answer case application questions 1-8.
· Homework for this course consists of Case Applications related to the topics covered during the week. You have to read the case background and analyze the financial issues by answering case application questions assigned.
· You should demonstrate the ability to apply personal finance concepts, vocabulary, and models to analyze financial situations, synthesize the week’s course material, and relate it to the case.
· Case analysis should be substantive and insightful. Student should use assigned readings to support case analysis and use proper MLA in-text citations and works cited formatting where applicable.
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