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Describes a true factor that will impact amount of insurance

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Fanny and Freddy, a married couple, are considering purchasing a life insurance policy and would like to discuss the appropriate amount of coverage they would need. Fanny and Freddy have one family vehicle, a minivan worth $20,000 with an outstanding loan of $15,000. The couple each have $15,000 in their Tax-Free Savings Accounts (TFSAs) that are held in liquid savings as an emergency fund. Freddy has a Registered Retirement Savings Plan (RRSP) currently valued at $125,000. Fanny has a vintage motorcycle collection she inherited from her father with a market value of $50,000 with an adjusted cost base (ACB) of $12,000. Fanny would like to bequest the motorcycle collection to her brother if she passes. The couple's combined take home pay is $5,750 per month. They have discretionary expenses of $2,000 per month, non-discretionary expenses of $3,200 per month, and contribute $100 each to their emergency fund each month.

Problem 1: Describes a TRUE factor that will impact the amount of insurance that would be appropriate for Fanny and Freddy?

Reference no: EM132954269

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