Martin, 58, is widowed and lives with his friend Amanda, 50. Martin works as a taxi driver. His monthly income is around $1,300, though it varies across months. He owns an apartment with a current value of $120,000. He plans to retire in the next seven years. Amanda is currently unemployed. Martin wants to buy a life insurance policy. Which approach do you recommend for estimating the amount of life insurance to own? Explain your recommendation.