ScenarioBob and Barbara Parker are in their 30s and have been married for 7 years. They have 2 children. They own 2 cars and a home valued at $500,000. Bob owns 50% of a garage door installation company valued at $2,000,000. The business provides the Parkers with a gross annual income of $150,000 per year. The Parkers have $300,000 in their retirement account and $100,000 in their personal checking account. Bob’s partner, Rick Wilson, owns the other 50% of the business. Bob has a $250,000 term life insurance policy but no other insurance coverage. Part 1 What should the Parkers consider when deciding what insurance coverage they need?Do they have sufficient insurance coverage? If not, what type of insurance coverage do you recommend for them?How can they keep their insurance costs down? Part 2 Complete a chart with recommended coverage and amounts of coverage.Part 3 Discuss taxation of life insurance proceeds and disability insurance payments.Assume that Bob’s 50% partner in the business is his old college friend Rick Wilson.Rick’s wife, Delores, has no interest in running the business. Do the Parkers need a buy-sell agreement? Describe the types of buy-sell agreements.