Analysis of Insurance - Case Study Example

A critical analysis of his gross monthly income shows that he gets around $6 875 but other factors need to be taken into consideration about the actual net income he will get. This gross income is subject to tax deductibles. The other issue that Walter should seriously take into consideration is that he is still young and his family is young too. His family history of BP prevalence makes it imperative for him to prioritize his healthcare issues. It is therefore recommended that Walter should make sure that he together with his family is fully covered in terms of health policies instead of focusing on other activities that are considered a luxury.

Walter must review his monthly income and expenditure to be able to draw a budget that is commensurate with the disposable money available. There are other issues such as tax implications that cannot be evaded so Jessica should make sure that she operates within budget to be in a position to meet basic needs in life.

Instead of craving for fancy things which expensive at the same time, it is recommended that Jessica should at least focus on pertinent issues that will secure her life in the event of unprecedented scenarios happening. Buying an expensive car on credit does not add value to their lives. Life and health insurances are more important than other luxury expenses that seem to gobble much of her income. In this case, Jessica should revise expenses such as entertainment, clothing as well as groceries.

Essentially, Jessica should prioritize life and insurance issues considering that her children are also under her custody. Indeed, she has responsibility for them. To be on the safe side given her meager income, Jessica should try to focus on life issues. Together, Walter and Jessica should try to offset their mortgage and then review their budget to make sure that it can cover pertinent issues like life and health. It is better to pay for basic life and health insurance instead of pursuing other luxury activities that would consume much of their money.