the Wrights found that both Tom and Sue had a life insurance protection gap of $50,000. Present the steps in sequence how Wrights should proceed to search for protection to close that gap?

What does your text say? Are you trying to get someone to do your homework?

To search for protection to close the insurance gap of $50,000 for both Tom and Sue, the Wrights can follow these sequential steps:

1. Review existing insurance policies: The Wrights should examine their current insurance policies, including life, health, and disability insurance, to determine if any coverage is already in place that could help fill the protection gap.

2. Identify needs and goals: The Wrights should assess their financial situation, lifestyle, and future plans to determine how much insurance coverage is required to meet their needs and goals. This involves considering factors such as outstanding debts, mortgage, children's education, and long-term financial security.

3. Calculate the required coverage amount: Based on the identified needs and goals, the Wrights should calculate the specific coverage amount needed to close the $50,000 protection gap for both Tom and Sue. This calculation should consider the future inflation rate to ensure the coverage remains adequate over time.

4. Research insurance providers: The Wrights should conduct thorough research to find reputable insurance providers that offer the type of insurance coverage they need. They can consider factors such as financial strength, customer reviews, and reputation in the market.

5. Obtain multiple quotes: The Wrights should request quotes from multiple insurance providers to compare prices and ensure they are getting the most competitive rates. It's important to provide accurate information to receive accurate quotes.

6. Evaluate policy features and riders: The Wrights should carefully review the policy features, terms, and conditions offered by different insurance providers. They should consider additional riders or options that can enhance the coverage, such as critical illness coverage or disability benefits.

7. Consider the premium and affordability: The Wrights should evaluate the premium costs associated with the coverage and ensure it fits within their budget. It's important to strike a balance between affordability and the necessary coverage amount.

8. Consult with insurance professionals: The Wrights can seek advice from insurance agents or financial advisors who specialize in insurance planning. These professionals can provide personalized guidance based on the Wrights' specific needs and financial situation.

9. Compare and select the best policy: Considering all the factors, including coverage, price, policy features, and advice from professionals, the Wrights should compare the available options and select the policy that best meets their requirements.

10. Apply for coverage: Once the Wrights have chosen the ideal insurance policy, they should fill out the application accurately and provide any necessary medical information required by the insurance provider. It's crucial to be truthful while filling out the application to avoid future complications.

11. Undergo medical examinations if necessary: Depending on the coverage amount and policy type, the insurance provider may require medical examinations for the applicants. The Wrights should complete these exams promptly and provide all necessary documentation.

12. Review and sign the policy: After the application is processed and approved, the Wrights should carefully review the policy documents, paying close attention to the terms, coverage details, and any exclusions. Once satisfied, they should sign the policy and ensure they have a copy for their records.

13. Make premium payments: The Wrights should arrange to make premium payments as per the agreed-upon schedule. Timely payments are crucial to maintain the insurance coverage.

14. Periodic review of coverage: Finally, the Wrights should periodically review their insurance coverage to ensure it remains adequate and aligned with their evolving needs and goals. Adjustments may be necessary as circumstances change, such as having more children or refinancing a mortgage.

By following these steps, the Wrights can efficiently search for suitable protection to close the $50,000 insurance gap for both Tom and Sue while considering their individual circumstances and requirements.