• Chris Swift is 39 and earns $60,000 a year in his own plastering business. His has a wife and two children, ages 12 and 6. He has four primary financial needs: (1) to provide income to support his family for 12 years until the younger child is 18, (b) to build a 20-year retirement fund for his wife, (c) to establish a education fund for his children, which he estimates will cost $200,000 and (d) to provide for other miscellaneous expenses (for example, emergencies, funeral, etc), which he estimated will be $32,000. Family living expenses are $30,000 per year and Chris would like to give his wife $10,000 per year for her retirement fund.

• The Swift family has cash and savings of $26,000 at the local bank and a managed fund currently valued at $50,000. Chris also has a life insurance policy with a sum insured of $110,000, but does not have any superannuation.

• Required

• Calculate the additional life insurance that Chris requires.