4. Ward and June have three children and a mortgage with an outstanding balance of $250,000. Ward works outside the home, and June is a stay-at-home mom.

How much life insurance should they have in order to make sure they have enough set aside for the children’s college—as well as enough to cover the loss of income or to help pay for child care if one or both of them should die? What factors should they use in deciding how much life insurance they need? Go to www

.bankrate.com and use the life insurance calculator to help determine how much life insurance they will need. Print out the details and give your reasoning for agreeing or disagreeing with the recommendations.

(LO 10-1–LO 10-5)