1. Life Insurance Needs for a Young Single. Andrew Blake of Tuscaloosa, Alabama, is single and has been working as an admissions counselor at a university for three years. Andrew owns a home valued at $156,000 on which he owes $135,000. He has a two-year-old vehicle valued at $12,500 on which he owes $8000. He has about $3800 remaining on his student loans. His retirement account has grown to $7800, and he owns some stock valued at $4400. He has no life insurance and is considering buying some. How much should he buy?