1. Apply What You've learned - Life Insurance Planning Scenario: You are 30 years old with a gross annual income of $75,000. You are married with 2-year-old twin children. Your spouses 25 years of age. You estimate that your final expenses for funeral, burial, and other expenses will be $14,000. You currently owe $195,000 on a mortgage $22,000 on a car! and $26,000 in credit card debt. You would like to replace your income for 3 years, and believe that your insurance proceeds can be invested to earn a 4% return. You would also like a minimum of $50,000 for each child be placed in a college fund. You do not anticipate a need to fund a readjustment period for your spouse. You currently have a $100,000 whole life insurance policy. needs based apuroach Two procedures may be used to estimate your life insurance requirements. The more accurate method is the It is considered the better method because it offers a simplified way of evaluating your potential devel of need. considers all of the factors that might affect your potential level of need. needs-based approach multiple of earnings approach Which of the following are potential financial resources that could be used to offset your family's costs and expenses after your death? Check what apply Existing financial assets, including your savings, investment, and retirement accounts: Health Insurance benefits Government benefits, including Social Security survivors benefits The sale of physical assets, such as a house of a vehide