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Finance & Accounting
Pages 5 (1255 words)
Name: Title: Course: Tutor: Date: Life Insurance So many ways exist in which to offer good parenting and my parents did not fail in this responsibility. Memories of my childhood are filled with admiration, remembering how my father worked hard to give us a comfortable life.
It was the trend in China then to lure US pilots with lucrative pay because of the increased need for pilots due to the fast expansion of the Asian airlines. With this transfer, my mother quit her job as a tutor in a local polytechnic so as to join my father and the rest of us in China. She valued family unity to the latter. With his good pay, our father gave us a luxurious life, taking us to prestigious private schools, away from the life in public schools which we previously attended. We regularly went on holidays abroad, taking advantage of the discounted rates availed to him by his employer. This was the time he also started building us a home. We lived a happy life, even though our father was the only source of our household income. Because of the busy nature of his work, my father had delegated the family’s financial management to my mother. She was the one who ensured bills are paid and was responsible for preparing the family budget. It was while carrying out her responsibilities that my mother realized that my father’s life insurance cover offered by his employer was a meager amount, inadequate of sustaining our livelihood in case of his absence. According to Wicker, most employers pay not more than $30,000 as life compensation for employees. Making her calculations from how much would be adequate to meet our needs in case our father passed on, my mother came up with an adequate figure for life insurance. ...
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