Bonnie and Clyde are happily married and have two children (ages 6 and 8). Clyde works at the local bank and makes $60,000 per year. Bonnie is a homemaker. They owe $100,000 on their house and $20,000 on their car. They don't have any other debts. Clyde currently has no life insurance and wants to purchase life insurance for himself.

1) How much life insurance do you think Clyde needs?

2) What type of policy would you recommend for him to purchase?