Date July 31 , Name of insured 7m and rvette Cohen Step 1: Financial resources needed alter death 1. Annaal thing expenses and other needs a. b. c. number of vears in time period d. Total living needs per time period (161c) 2015 Period 2 Monthly Ilving expenses Net yearty income needed (1a 12 ) number of years 4 9 Period 3 22 Total iving expenses (add Line id \$1,062,600 for each period to check your total): The aeciond half of the needs analysis warksheet is not shown on this page. To completie the worksheet and determine the value of the life insurance policy the Cohens should purchase, they need to foctor in additional information: The or false: The value of Tim and Yvette's other savings and investments should be accounted for in the remainino Dortion of the form. True 2. How much life insurance do you need? Calculating needs - Part1 Tim and Wette Cohen are 52 years old and have one daughter, age 14. Tim is the primary earner, making $80,000 per year. Yvette does, not currently work. The Cohens have decided to use the needs analysis method to calculate the value of a life insurance policy that would provide for Yrette and their davghter in the event of Tim's death. Tim and Wette estimate that while their daughter is still living at home, monthly living expenses for rvette and their child will be about $3,300 (in current dollars), After their daughter leaves for college in 4 yea $, Wuette will need a monthly income of $2,750 until she retires at age 65 . The Cohens estimate Weste's living expenses after 65 will only be $2,300 a month. The life expectancy of a woman Wuette's age is 87 years, so the Cohen family calculates that wecte will spend about 22 years in retirement. Using this information, complete the first portion of the needs analysis worksheet to estimate their total Aiving expenses. Life Insurance Needs Analysis Worksheet