7. Sophie Johns, a single mother and corporate manager on the "fast track,' needs help to determine the amount of additional life insurance she needs to provide support for her children if she should die before they finish college. After gathering information regarding the family's needs in the event of Sophie's death, you find that support for the children, including college educations, would require $300,000 to meet lump-sum needs. Also, taking into account reasonable assumptions regarding inflation, after-tax investment returns, and Social Security benefits for the children, you calculate that a present value of $200,000 would be required to meet the children's income support needs if Sophie were to die today. Fact-finding indicates that Sophie already has $200,000 of group term life insurance and $50,000 in savings. How much additional life insurance would Sophie need if the principal will be liquidated to meet the family's needs? 8. Settlement options provide alternative ways of taking the death proceeds of a life insurance policy. Choose one of the settlement options (lump sum, interest option, fixed-period option, fixed-amount option, life income option); provide an example of a client who might benefit from selecting that payout option, and explain why that is a good settlement option for that client