Question

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.

Answer 1

No. He has not made a good decision. 

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. 

Answer 2

Answer: yes

Explanation:

DeShawn's current policy will cover his family for an adequate period of time at his current salary.

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