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Chunhua Zhu, a 38-year-old widowed mother of three children (ages 12, 10 and 4), works...

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Accounting

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Chunhua Zhu, a 38-year-old widowed mother of three children (ages 12, 10 and 4), works as a product analyst for Nestle Purina PetCare Company with $45,000 annual income. Although she's covered by a group life insurance policy at work, she feels that she needs additional protection. Richard Strong, an insurance agent fr Apex Insurance, has been trying to persuade Chunhua to buy a $150,000, 25-year limited payment whole life policy. However, Chunhua favors a variable life policy. To further complicate matters, Chunhua's father feels that term life insurance is more suitable to the needs of her young family. To resolve the issue, Chunhua has decided to consult you who is taking a personal financial planning class 2. Explain to Chunhua the difference between (a) a whole life policy, (b) a variable life policy, and (c) a term policy 1) 2) What are the main advantages and disadvantages of each type of policy

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