Team assignment
The assignment is a Group Assignment. If you want to create your team, you need to add your names to the group in eCentennial. Do this before September 19. The system will assign you to a random group on September 20 if you do not belong to a group.
I will accept draft of your assignment by October 31. I strongly recommend that you submit a draft as history has shown those who do, score much higher marks on the assignment.
Title: The Six Step Planning Process Related to Risk Management
Pick a young married couple of your choice (let’s call them John 40, and Ann 38) with one small child aged 5 and go through the six-step planning process with them as it relates to risk management.
I have provided the family’s income and expenses plus their assets and liabilities. Use the tables attached to tell me their story.
Make John the breadwinner and Ann stay at home mom who will take care of the kid.
What are their needs for Risk Management (insurance)? Because John is the only person working outside the home, what will happen to the family if John dies today? How much insurance they need? Expect that the child need taking care of until they finish university at age 22. You need to do an insurance Needs Analysis and come up with exact dollar amounts as to how much insurance they need. To come up with a dollar amount, you also need to do an Education Needs Analysis for the child’s post secondary education.
Steps to take
In each step you must have at least one important OBJECTIVE and clarify how you achieved it. You are trying to answer ONE QUESTION in each step and each question starts with a “How”. For example: How do you establish client-planner engagement with Ann and John?