DeShawn is 38 years old and is married with 3 children, ages 2, 4, and 6. He makes $45,000 a year and is planning to retire when
he turns 60. From the following three options, DeShawn decides to buy the $900,000 20 year term policy. Given DeShawn’s scenario, assess whether DeShawn made a wise decision. a. DeShawn would be safer buying whole life policy.
b. DeShawn would have more money in the long run if he invested in the 20-year endowment.
c. DeShawn’s current policy will cover his family for an adequate period of time at his current salary.
d. DeShawn’s current policy has too high of a face value and does not cover his family long enough.
his youngest child will be just turning 20 by the time Deshawn is 58. If Deshawn chooses to help that child get set up in life - or even marry, all of those occurances will be happening in the following 5 years. This would include after retirement time for Deshawn. so tell me if i helped
As per the given scenario we can say that DeShawn made a good decision because his current policy will cover his family for an adequate period of time at his current salary. The premiums are nominal and he earns a good salary so he can cover well all the expenses and premiums.
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