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You and your spouse are in good health and have reasonably secure careers. You make about $75,000 annually and have opted for Wife Insurance coverage of three times your salary through your employer. With your spouse's income, you are able to absorb ongoing living costs of $55.000 a year. You own a home with a $290,000 mortgage. Other debts include a $15.000 car loan $7000 student loan, and $4.000 charged to credit cards. In the event of your death, you wish to leave your family debt-free. One of your most important financial goals involves building an education fund of $100,000 to cover the costs of a four-year university program for each of your two children ages two and four. To date, you have accumulated $25.000 toward this goal in a RESP. Should you die, your beneficiaries would receive a $2.500 death benefit lump sum payment from the Canada Pension Plan. You also have $35.000 in your company pension plan. Average funeral expenses are $12.000. Your other financial assets are as follows: Bank accounts Terdepasiti (1 months) Canada Savings Bonds Stock investment account ARSIP 53,100 4,000 2,000 3.500 10.500 Use the family need method to determine your life insurance needs. Dependents need 5 years of income as living expense. Assume that there is a desire to have a 3 month reserve based on thelt annual income (Omit the "S" sign in your response) Additional life insurance needs