Jason is a 45 years old Accounting Manager at Tiong Nam Holdings Berhad with a monthly income of RM8,000. He will be retired at the age of 60. His wife, Ann, is a 41 years old Financial Consultant at Maybank with a monthly salary of RM5,000. They live in Kajang with their 3 children Ariana (16 years old), Isaac (12 years old) and Joseph (10 years old). Recently, Jason's friend Phill died due to a heart attack and left his wife with 4 children without sufficient financial security. Due to that, Jason starts to think of his family future if something bad happens to him. He has a few loan commitments that need to be settled in the next few years. He anticipates that his children will enrol to college or university by the age of 18 years old. Jason estimates a standard foundation and degree courses will take 5 years to be completed, which will cost him around RM80,000 each child for their tertiary education. Therefore, Jason decides to take life insurance as a security for his family, but he is uncertain about the insurance amount needed. Jason's Financial Details: Savings Account: RM18, 520 Fixed Deposit: RM10, 000 Bond Merdeka: RM10, 000 Public Mutual Fund: RM100, 000 Shares: Petronas Dagangan Bhd: RM15, 850 Employee Provident Fund (EPF): RM281, 653 Social Security Organization (SOCSO): RM17, 025 House Loan: RM650, 000 Family Insurance: RM50, 000 Car Loan: RM55, 223 Based on Jason's financial details, estimate the life insurance needed by using the attachment provided. Please show all calculations on separated pages. Marks will be given based on the calculations.