Mike and Molly consider themselves middle Americans – with a small but positive cash flow and a modest net worth. Mike, age 63, is just a few years away from retirement whereas Molly, age 61, plans to work a few more years once Mike officially retires. The following discussion provides a summary of the Hammonds’ insurance planning situation.

Mike and Molly consider themselves middle Americans – with a small but positive cash flow and a modest net worth....