# Amount of Life Insurance Assignment

Life insurance needs for a young married couple. Veronica and Lars have been together for five years. They recently bought a home costing \$110,000 using an \$88,000 mortgage. They have no other debts. Lars earns \$33,750 per year, and Veronica earns \$39,570. Each has a retirement plan valued at approximately \$18,500. Their only life insurance currently is employer-sponsored term life insurance which covers each of them at double their salary amount. They each would like to provide the other with support for at least five years if one of them should die.

• Assuming \$13,125 in final expenses and \$44,000 to help with mortgage debt, calculate the amount of life insurance they should purchase using the needs-based approach. (10 points)
 Veronica \$39,570 Lars \$33,750 Final expense needs Income replacement needs N = 5 I/Y = 7.63 PV = CPT PMT = 39,570 x 0.75 = FV = 0 N = 5 I/Y = 7.63 PV = CPT PMT = 33,750 x 0.75 = FV = 0 Readjustment period needs Debt-repayment needs College-expense needs Other special needs Subtotal Government benefits Current insurance assets Life insurance needed

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