3. Fow much life insurance do you need? Calculating resources-part 2 Manuei and Poomima fedondo have completed 5tep1 of their needs analysis worksheet and determined that they need $2,418,000 to maintain the projected Iifestyle of Poornima (age 38) and their two chlldren (ages 8 and 10 ) in the event of Manuel's (the primary earner's) death. The Redondos also have certain financial resources available after Manuel's death, however, so their life insurance needs are lower than this amount. If Manoel dies, Poornima will be eligible to recelve social Security survivors' benefis -approximately $3,800 a month ( $45,600 a vear) until the roungest child praduates from high school in 10 years. After the children leave home. Poornima will bo able to work full-time and earn an estimated $36,0D0 a year (after taxes) until she retires at age 65 . After Poornima turns 65 , shell receive approximately 53,200 a month ( 538,400 a year) from her onn Social Secucity and retirement benefits. The life expectancy for a wornar within Poornima's dermographic is 87 . The couple has also saved. $00.060 in a mutual fund, and Manuel's emplover prowides him a 5100,000 life insurance policy. Lile tnourance Nieeds Analysis Worksheet (Part 2) Total financial resources avaliable (19+2+3+4) : $2,106,800 Fnaly, to determaine the value of life insurance Manuel and Pooruma should purchase, complece Step 3 of the needs analysis method by subtracting the tocal financial resources avalable trom the tocar financial resources needed. complicatind bet less accurate method than the needs analvsis. Using this information, complete Step 2 of the needs analysis worksheot to value of a certain entry is zero, be sure to enter ". 0 to receive cudic.) Lite Insarance Needs Analysis Worksheet (Part 2)