Allen and Meagan, aged 43 and 33, have 2 children aged 6 and 8. They live in their own home, which is jointly owned. The family home is currently worth $675,000, which is on a $275,000 mortgage loan. They have contents worth $100,000. Allen works as a part-time accountant and earns a $32,000 annual salary. In addition to this job, he runs an accounting services business, which earns him $25,000 annually. This business was valued at $45,000 by an independent assessor when he applied for a loan last year, which was not approved. Allen's employer pays superannuation guarantee payments to an industry superannuation fund, which has accumulated to $50,000. This superannuation fund provides term life cover of $100,000 for Allen. Meagan works as a sales manager and earns $75,000 p.a. Currently, she has $175,000 in her superannuation account. She doesn't have life insurance cover. On average, Allen, Meagan and the family have monthly living expenses amounting to $8,50 would like to look after their children until age 25, after which they will become financially indepe...vrt. Meagan noticed that once Allen was overseas for a business assignment, their monthly living expenses average, Allen, Meagan and the family have monthly living expenses amounting to $8,500. They uld like to look after their children until age 25, after which they will become financially independent. agan noticed that once Allen was overseas for a business assignment, their monthly living expenses uced to $6,500. When each child ceases to be dependent, the amount of monthly expenses will uce by $1,200 a month per child. They make certain payments through a credit card, which has a ance of $22,000. Allen and Meagan have estimated that the sum of $250,000 will be necessary to et the children's educational expenses in future. n has a new car worth $65,000, which is on a loan of $35,000. This car is used by him only and only business purposes. Meagan has her own car worth $50,000, which is on a loan of $15,000. This car eated as the family car and attends to all the duties of family and the children. 0 he event of either Allen's or Meagan's death, they would like to have an emergency fund of $ to have a budget of $20,000 for funeral and associated legal expenses. They also decide iness would not be continued if Allen were to die. Allen is expected to live a further 40 yeu agan is expected to live a further 50 years. Meagan is expected to live a further 50 years. Required: In the event that Allen unexpectedly died today, what would be the: a) Total financial needs of the surviving family. (10 marks) b) Total financial resources available to offset the needs. (4 marks) c) The additional life insurance needed (if any). (4 mark) Show any workings and state any assumptions that you have made