Considering the following personal combined balance sheet for the Smiths, if their combined annual earnings is $175,000, determine how much life insurance they need for adequate coverage using the following methods

1- the multiple-of-earnings method, a method of determining the amount of life insurance coverage needed by multiplying gross annual earnings by some selected number. 2- the needs analysis method, a more detailed approach considers both the financial obligations and financial resources of the insured and their dependents. In your reply, consider different types of life insurance (term, whole life, universal, and variable) you may recommend as an expert; justify your reasons. Analyze and discuss benefits and limitations for each.