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Critical Thinking Case 2 The Jennings Want to Know: How Much Is Enough? Darrell and Lena Jennings are a two-income that, because they're a two-income family, they both should have adequate Ife insurance coverage. Accordingly, they are now trying to decide how much life insurance each one of them needs. couple in their early 30s. They have two children, ages 6 and 3. Darrell's monthly take-home pay is $3,600, and Lena's is $4,200. The Jennings feel To begin with, they'd like to set up an education fund for their children in the amount of $120,000 to provide college funds of $15,000 a year in today's dollars - for four years for each child. Moreover, if either spouse should die, they want the surviving spouse to have the funds to pay off all they have $25,000 in consumer installment loans and credit cards. They also project that if ether of them dies, the other probably will be left with about $10,000 in final estate and burial debts, including the $210,000 mortgage on their house. They estimate that expenses. their annual income needs, Darrell and Lena both feel strongly that each should have enough insurance to replace her or his respective current income level until the youngest child turns 18 (a period of 15 years). Althoug h neither Darrell nor Lena would be eligible for Social Security survivor's benefits because they both intend to continue working, both children would amount of around $1,800 a month. The Jennings have accumulated about $75,000 in investments, and they have a decreasing term life policy on each other in the amount of $100,000, which could be used to partially pay off the mortgage. Darrell also has an $80,000 group policy at work and Lena a $100,000 group policy 1. Assume that Darrell's gross annual i percent of their lost earnings is 8.6 for Darrell and 7.2 for Lena. Use this approach to find the amount of life insurance each should have if they want to replace 75 percent of their lost ncome is $52,000 and Lena's is $62,000. Their insurance agent has given them a multiple earnings table showing that the eamings multiple to replace 75 ue insurance needed by Lena: 446,400 2. Use Worksheet 8.1 to find the additional insurance needed on both Darrelr's and Lena' additional help once the kids are grown; both also agree that they'll have plenty of income from Social Security and company pension benefits to take care of s lives. (Because Darrell and Lena hold secure, well-paying jobs, both agree that they won't need any Previous Critical Thinking Case 2 The Jennings Want to Know: How Much Is Enough? Darrell and Lena Jennings are a two-income that, because they're a two-income family, they both should have adequate Ife insurance coverage. Accordingly, they are now trying to decide how much life insurance each one of them needs. couple in their early 30s. They have two children, ages 6 and 3. Darrell's monthly take-home pay is $3,600, and Lena's is $4,200. The Jennings feel To begin with, they'd like to set up an education fund for their children in the amount of $120,000 to provide college funds of $15,000 a year in today's dollars - for four years for each child. Moreover, if either spouse should die, they want the surviving spouse to have the funds to pay off all they have $25,000 in consumer installment loans and credit cards. They also project that if ether of them dies, the other probably will be left with about $10,000 in final estate and burial debts, including the $210,000 mortgage on their house. They estimate that expenses. their annual income needs, Darrell and Lena both feel strongly that each should have enough insurance to replace her or his respective current income level until the youngest child turns 18 (a period of 15 years). Althoug h neither Darrell nor Lena would be eligible for Social Security survivor's benefits because they both intend to continue working, both children would amount of around $1,800 a month. The Jennings have accumulated about $75,000 in investments, and they have a decreasing term life policy on each other in the amount of $100,000, which could be used to partially pay off the mortgage. Darrell also has an $80,000 group policy at work and Lena a $100,000 group policy 1. Assume that Darrell's gross annual i percent of their lost earnings is 8.6 for Darrell and 7.2 for Lena. Use this approach to find the amount of life insurance each should have if they want to replace 75 percent of their lost ncome is $52,000 and Lena's is $62,000. Their insurance agent has given them a multiple earnings table showing that the eamings multiple to replace 75 ue insurance needed by Lena: 446,400 2. Use Worksheet 8.1 to find the additional insurance needed on both Darrelr's and Lena' additional help once the kids are grown; both also agree that they'll have plenty of income from Social Security and company pension benefits to take care of s lives. (Because Darrell and Lena hold secure, well-paying jobs, both agree that they won't need any Previous