Maxwell, age 28, is a single father of one daughter, Emma, a…
Maxwell, age 28, is a single father of one daughter, Emma, age 3. Maxwell works for an advertising agency with an annual income of $40,000. Due to his messy divorce and several student loans that drain his financial resources, Maxwell lives paycheck to paycheck. His doctor recently discovered that he has high blood pressure and Maxwell is worried that his health may fail. He wants to purchase a life insurance policy to protect Emma in the event of his untimely death. Assuming he wants to buy as much coverage as possible for the cheapest price, which of the following policies should he buy?