Amount of Insurance Needed. Peter is married and has two children He wants to be sure that he has sufficient fe Insurance to take care of his family it he dies Peter's wife is a homemaker but attends college part-time pursuing a law degree. It will cost approximately $47.500 for her to finish her education Because the children are teenagers Peter feels he will only need to provide the family with income for the next ten years. He further calculates that the household expenses run approximately 544 400 per year excluding the mortgage payments. The balance on the home mortgage is 5140,000 Peter set up a college fund for his children when they were babies and it currently contains sufficient funds for them to attend college Assuming that Peter's wife can invest the insurance proceeds at 75 calculate the amount of insurance Peter needs to purchase The amount of life insurance Peter would need to purchase is 5 (Round to the nearest dolar)