Texas Tech University PFP 3301 PFP 3301 Unit 7 Project-REVIEWED AND EDITED BY EXPERTS 2021

Document Content and Description Below

Introduction to Personal Finance Unit 7 Project Learning Goals:  Identify types of risk and determine appropriate strategies for assessing and managing these risks  Understand the role of in... surance in protecting human, financial, and property assets.  Identify and be familiar with the most basic estate planning documents Eduardo and Lucia Ricardo are a married couple. They are both 39 years old and they have a son (17 years old) and a daughter (14 years old). Eduardo is an engineer and earns $95,000 a year. Lucia is a teacher and earns $30,000 a year. Eduardo’s life expectancy is 80 years and Lucia’s is 82. They plan on retiring when they are 67. There are three health insurance policies that they could choose from (see below). Health Insurance: Help Eduardo and Lucia to determine which of the three plans to choose. They want to know which plan would be best if they estimate their medical costs at approximately $4000 per year and which plan to use if they estimate their medical costs closer to $30,000 per year. Help the Ricardo’s determine how much of their risk they should transfer and how much they should retain (for example a higher deductible means they are retaining more risk) [Show More]

Last updated: 1 year ago

Preview 1 out of 5 pages