3. How much life insurance do you need? Calculating resources- Part 2 Amy and Van Macintosh have completed Step 1 of their needs analysis worksheet and determined that they have certain financial resources available after Amy's death, however, so their life insurance needs are lower than this amount. If Amy dies, Van will be eligible to receive Social Security survivors' benefits-approximately $3,800 a month ( $45,600 a year) until the youngest child taxes) until he retires at age 65. After Van turns 65, he'll receive approximately $3,200 a month ( $38,400 a year) from his own Social Security and retirement benefits. The life expectancy for a man within Van's demographic is 80 . The couple has also saved $42,300 in a mutual fund, and employer provides her a $100,000 life insurance policy. value of a certain entry is zero, be sure to enter " 0 " to receive credit.) Life Insurance Needs Analysis Worksheet (Part 2) Step 2: Financial Resources Available After Death 1. Income g. Total income $1,678,000 2. Savings and investments 3. Other life insurance 4. Other resources $0 Total financial resources available (1g+2+3+4) : $1,820,300 Finally, to determine the value of life insurance Amy and Van should purchase, complete Step 3 of the needs analysis method by subtracting the total True or False: Alternatively, the Macintoshs could have estimated their life insurance needs using the multiple-of-earnings method, a less complicated but less accurate method than the needs analysis. False True 3. How much life insurance do you need? Calculating resources- Part 2 Amy and Van Macintosh have completed Step 1 of their needs analysis worksheet and determined that they have certain financial resources available after Amy's death, however, so their life insurance needs are lower than this amount. If Amy dies, Van will be eligible to receive Social Security survivors' benefits-approximately $3,800 a month ( $45,600 a year) until the youngest child taxes) until he retires at age 65. After Van turns 65, he'll receive approximately $3,200 a month ( $38,400 a year) from his own Social Security and retirement benefits. The life expectancy for a man within Van's demographic is 80 . The couple has also saved $42,300 in a mutual fund, and employer provides her a $100,000 life insurance policy. value of a certain entry is zero, be sure to enter " 0 " to receive credit.) Life Insurance Needs Analysis Worksheet (Part 2) Step 2: Financial Resources Available After Death 1. Income g. Total income $1,678,000 2. Savings and investments 3. Other life insurance 4. Other resources $0 Total financial resources available (1g+2+3+4) : $1,820,300 Finally, to determine the value of life insurance Amy and Van should purchase, complete Step 3 of the needs analysis method by subtracting the total True or False: Alternatively, the Macintoshs could have estimated their life insurance needs using the multiple-of-earnings method, a less complicated but less accurate method than the needs analysis. False True