Assets (Jamie Lee and Ross combined): Checking account: $2,500 Savings Account: $16,000 Emergency Fund savings account: $19,100 IRA balance: $25,000 Car: \$11,500 (Jamie Lee) and \$19,000 (Ross) Liabilities (Jamie Lee and Ross combined): Student loan balance: $0 Credit Card Balance: $3,500 Car Loans: $7,000 Income: Jamie Lee: $45,000 gross income ($31,500 net income after taxes) Ross: $73,000 gross income ( $60,800 net income after taxes) Monthly Expenses Mortgage: $1,225 Property taxes: $400 Homeowner's insurance: $200 Utilities: $160 Food: $500 Gas/Maintenance: $275 Credit Card Payment: $275 Car Loan Payment: \$289 Entertainment: $125 mie Lee and Ross need to ensure that the surviving id the children will not have financial hardship in the a loss. - Using the Easy Method and considering Ross' salary in the calculation, how much life insurance will they need? - With so many policy variations to choose from, Ross and Jamie Lee are unsure which company is offering the most competitive rates. - How will they be able to compare the rates between the various companies? - Jamie Lee and Ross have a limited budget for the life insurance necessity now that they have the additional present-day expenses of the triplets to consider. - What type of life insurance would you recommend for the family at this life stage and what are its associated advantages and disadvantages