6. Using the Budget method. Your annual family expenses are $80,000 annually. You figured that you need to provide for your family for 30 years, or until your children are fully independent and your spouse reaches retirement age. If you passed away, then the life insurance can be placed in a safe long-term investment, which would yield 8% per year. You would also like to have $350,000 set aside to educate your 3 youngest children. Your current savings is $25,000. You currently earn $100,000 annually (after taxes). How much life insurance do you need using the Budget method