Specifically, the following critical elements must be addressed: Principles of Risk and General Contract Provisions:

Medical liability $5,000 

Deductibles for all covered perils: 1% of dwelling coverage.

Additional Client Goals/Notes

John and Jenny would like both daughters to have four years of school funded at the local state university if one of them should die. They estimate the annual cost to be around $15,000 a year.  

John and Jenny both agree that if either spouse died, they would need their life insurance to replace the departed spouse's income until both children are past the age of 21.

John and Jenny currently have a mortgage of $350,000 and would want the home paid for if a spouse passed away. The home is probably worth close to $500,000.

John and Jenny do not carry any other debt of consequence.

John and Jenny have a nice-size savings account with around $40,000 and a 401K through John's work that has a balance of $265,000. Jenny does not have a retirement account.  

John and Jenny recently added a trampoline in their backyard that the neighborhood kids like to play on in addition to adopting a medium-size dog to keep the girls company.