Personal Finance Course Project please use personal finance sixth edition by Jeff MaduraAll the question all in the files THE SAMPSONS-A Continuing Case As

Personal Finance Course Project please use personal finance sixth edition by Jeff MaduraAll the question all in the files THE SAMPSONS-A Continuing Case
As the next step in reviewing their finances, the Sampsons are assessing their insurance
needs related to their vehicles and home. They indicated the amount of money they
spend on insurance on their personal balance sheet in Chapter 2.
They currently have auto insurance on their two cars. Each insurance policy has a $1,000
deductible and specifies limits of 100/200/20 ($100,000 per person injured in an accident,
$200,000 for all people combined, and $20,000 to cover other damage to the car or to
other property). Dave and Sharon live in a no-fault state.
Their homeowner’s insurance covers the market value of their home and has a deduct-
ible of $10,000. Their policy does not cover floods, which periodically occur in their area.
Their house has never been flooded, though, so Dave and Sharon are not concerned.
Go to the worksheets at the end of this chapter to continue this case.
< 343 >
CHAPTER 11: THE SAMPSONS-A Continuing Case
1. Advise the Sampsons regarding their car insurance. Do they have enough insurance? Do they
have too much insurance? How might they be able to reduce their premium?
2. Consider the Sampsons’ homeowner’s insurance. Do they have enough insurance? Do they have
too much insurance? Should they increase their deductible?
rights reserved.
THE SAMPSONS-A Continuing Case
Dave and Sharon Sampson are assessing the amount of health insurance and disability
income insurance they have.
The Sampsons’ health insurance is provided by a health maintenance organization
(HMO). Recently, Dave and Sharon have heard about preferred provider organizations
(PPOs) and are wondering whether they should switch to a PPO. Upon hearing that PPOs
are more expensive than HMOs, Dave and Sharon are hesitant to switch, but they have
not yet made up their minds. Dave and Sharon are both happy with their primary care
physician and any specialists they need to consult under their HMO plan.
Dave and Sharon currently do not have disability income insurance because they do not
believe that they are at risk of becoming disabled. Recall from Chapter 2 that Dave and
Sharon have about $3,400 a month in expenses, none of which are work related. Their
net cash flow in recent months is about $600 a month, but they are attempting to save
that money. Dave’s employer provides $200 in disability insurance coverage.
The Sampsons have also recently heard about long-term care insurance and are wonder-
ing whether they should purchase this type of insurance.
Go to the worksheets at the end of this chapter to continue this case.
< 373 >
a D AA :
CHAPTER 12: THE SAMPSONS-A Continuing Case
1. Make suggestions to the Sampsons regarding their health insurance. Do you think they should
switch from the HMO to a PPO? Why or why not?
2. Do you think the Sampsons should purchase disability insurance? Why or why not?
3. Should the Sampsons purchase long-term care insurance? Why or why not?
nghts reserved.
Part 4: Brad Brooks-A Continuing Case
THE SAMPSONS-A Continuing Case
The Sampsons have one remaining insurance need: life insurance. They have decided to
purchase term life insurance. They want a life insurance policy that will provide for the
family in the event of Dave’s death because he is the major breadwinner. The Sampsons
do not know how much insurance to purchase, but their goal is to have enough money
for general expenses over the next 15 years.
Recall that Dave’s salary after taxes is about $40,000. He wants to ensure that the family
would have insurance benefits that could provide $40,000 for the next 15 years. By the
end of this period, the children would have completed college. Dave also wants to add
an additional $330,000 of insurance coverage to provide support for Sharon through her
retirement years because they have not saved much money for retirement.
Go to the worksheets at the end of this chapter to continue this case.

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