Question
Janet Samuels is a single mother with one daughter. Janet would like to purchase enough life insurance to provide the following: Pay off home mortgage:
Janet Samuels is a single mother with one daughter. Janet would like to purchase enough life insurance to provide the following:
Pay off home mortgage: $154,000
Pay off other loans: 17,000
Final expenses: 15,000
College education for daughter: 68,000
Annual living expenses for daughter : 32,000/year for 12 years
If Janet were to die, her daughter would receive $17,500 annually for 12 years from social security. Her daughter is also the primary beneficiary of Janet's $110,000 group life policy. Given this information, how much more life insurance does Janet need?
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