Sharon，age 28, is a single parent who earns $28,000 annually as a secretary at local university, she is the sole support of her son, age 3. Sharon is concerned about the financial well-being of her son is she should die. Although she finds it difficult to save, she would like to start a savings program to send her son to college. She is presently renting apartment but would like to won a home someday. A friend has informed her that life insurance might be useful in her present situation. Sharon knows nothing about life insurance, and the amount of income available for life insurance is limited. Assume you are financial planner who is asked to make recommendations concerning the type of life insurance that Sharon should buy. The following types of life insurance policies are available:
 Five-year renewable and convertible term （notes：renewable：可续保的；convertible：可转换的）
 Life paid up at age 65
 Ordinary life insurance
 Universal life insurance

1. Which if these policies would best meet the need for protection of Sharon’s son if she should die premature? Explain your answer.
2. Which of these policies best meets the need to accumulate a college retirement fund for Sharon’s son? Explain your answer.
3. Which of these policies best meets the need to accumulate money for a down payment on a home?  Explain your answer.