Finally, to determine the value of life insurance Frances and Dmitri should purchase, complete Step 3 of the needs analysis method by subtracting total financial resources available from the total financial resources needed. Step 3: Additional Life Insurance Needed Total financial resources needed (from Step 1) $2,745,000 Total financial resources available (from Step 2) $2,102,000 Additional life insurance needed: True or False: Alternatively, the Ivanovs could have estimated their life insurance needs using the multiple-of-earnings method, a more complicated but more accurate method than the needs analysis. True False