Case Study 5 Ken and Kate both are 35 years old and they are currently staying in Taman Cempaka, Ipoh, Perak with a 9 ye

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answerhappygod
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Case Study 5 Ken and Kate both are 35 years old and they are currently staying in Taman Cempaka, Ipoh, Perak with a 9 ye

Post by answerhappygod »

Case Study 5
Ken and Kate both are 35 years old and they are currently
staying in Taman Cempaka, Ipoh, Perak with a 9 years old son. Ken
is an accountant for a bicycle manufacturing company in Ipoh while
Kate is a full-time housewife.
As Ken is the only income earner for the family, both are
concerned about the financial pressure for his family if he faced
premature death, as there is a lot of financial commitment on
possible medical expenses, funeral expenses, education funds for
his children, and retirement planning.
Ken’s current annual income inclusive of bonuses and fixed
allowances is RM120,000. The employer has provided general group
life insurance from WWW.Insurance Bhd. The sum insured amount will
be double his annual income.
Besides his contribution to the Employees Providence Funds (EPF)
and Private Retirement Scheme (PRS), he also has allocated some
money in and education funds through SSPN for his son upon
enrolment to further study.
Ken has the following financial needs and objectives if he were
to face premature death:
(13 marks)
(4
marks)
(Total: 20
marks)
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