Home and Automobile InsuranceNewlyweds Joanne and James have had several milestones in the past year. They are newlyweds, recently purchased their first home and now have twins on the way! Joanne and James have to seriously consider their insurance needs. A family, a home and now babies on the way, they need to develop a risk management plan to help them should an unexpected event arise. Current Financial Situation: Assets (Joanne and James combined): Checking account $4,300 Savings Account $22,200 Emergency Fund savings account $20,500 Retirement Account balance $26,000 Car $10,000(JOANNE) $18,000(JAMES) Liabilities (Joanne and James combined): Student loan balance $0 Credit Card Balance $2,000 Car Loans $6,000 Income: · JOANNE : $50,000 gross income ($37,500 net income after taxes) · JAMES:$75,000 gross income ($64,000 net income after taxes) Monthly Expenses (Joanne and James combined) : Mortgage $1,252 Property Taxes and Insurance $500 Utilities $195 Food $400 Gas/Maintenance $275 Credit Card Payment $250 Car Loan Payment $289 Entertainment $300 Questions: Based on their current life status, what are some of the goals Joanne and James should set to achieve when developing their insurance plan? What four questions should Joanne and James ask themselves as they develop the risk management plan? Once Joanne and James put their insurance plan in to action, what should they do to maintain their plan? What financial strategy would you suggest to Joanne and James to enable them to save money on their insurance premiums?

Home and Automobile Insurance Newlyweds Joanne and James have had several milestones in the past year. They are newlyweds, recently purchased their first home and now have twins on the way! Joanne and...

Home and Automobile Insurance

Newlyweds Joanne and James have had several milestones in the past year. They are newlyweds, recently purchased their first home and now have twins on the way! Joanne and James have to seriously consider their insurance needs. A family, a home and now babies on the way, they need to develop a risk management plan to help them should an unexpected event arise.

Current Financial Situation:

Assets (Joanne and James combined):
Checking account	$4,300
Savings Account	$22,200
Emergency Fund savings account	$20,500
Retirement Account balance	$26,000
Car	$10,000(JOANNE) $18,000(JAMES)
Liabilities (Joanne and James combined):
Student loan balance	$0
Credit Card Balance	$2,000
Car Loans	$6,000
Income:
· JOANNE : $50,000 gross income ($37,500 net income after taxes) · JAMES:$75,000 gross income ($64,000 net income after taxes)
Monthly Expenses (Joanne and James combined) :
Mortgage	$1,252
Property Taxes and Insurance	$500
Utilities	$195
Food	$400
Gas/Maintenance	$275
Credit Card Payment	$250
Car Loan Payment	$289
Entertainment	$300

Questions:

Based on their current life status, what are some of the goals Joanne and James should set to achieve when developing their insurance plan?

What four questions should Joanne and James ask themselves as they develop the risk management plan?

Once Joanne and James put their insurance plan in to action, what should they do to maintain their plan?

What financial strategy would you suggest to Joanne and James to enable them to save money on their insurance premiums?

Jun 11, 2022

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Home and Automobile Insurance Newlyweds Joanne and James have had several milestones in the past year. They are newlyweds, recently purchased their first home and now have twins on the way! Joanne and...

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