Jennifer is age 30 and has a son, age 4. She earns $50,000 each year. Jennifer uses the needs approach to estimate the amount of life insurance she needs. If she should die, her family will pay $15,000 funeral expenses and her $6,000 uninsured medical bills. In addition, she estimates that the cost of probating her will and attorney fees will be $3,000 and her family does not need to pay federal estate taxes. Jennifer believe that her family can maintain its present standard of living with $5,000 per month in today's purchasing power if she should die. Her husband, Scotts net take-home pay is $2,000 each month. Only the son will receive Social Security survivor benefits because Scotts earnings are too high to qualify for Social Security survivor benefits. The son will receive $1,000 each month from Social Security until age 18. Scott is currently in the labor force and plans to continue working if Jennifer should die. Thus, there is no need to provide additional income to Scott during the blackout period. Scott will receive Social Security retirement benefits and a lifetime pension from his employer. Jennifer believes that Scotts total retirement income will be sufficient to meet his needs, so he does not need additional retirement income. Jennifer would like the mortgage to be paid off if she should die. The present mortgage balance is $150,000. She also wants to establish an emergency fund of $50,000 for the family and an educational fund of $150,000 for her son. Jennifer has a checking account and personal savings in the amount of $8,000 and has mutual funds investment of $22,000. She has $40,000 in a Section 401(k) plan sponsored by her employer. She is also insured for $50,000 under a group life insurance plan. How much additional life insurance, if any, should Jennifer purchase to meet her financial goals based on the needs approach? (Assume that the rate of return earned on the policy proceeds is equal to the rate of inflation.) Group of answer choices

A) $533,500 B) $566,800 C) $590,000 D) $610,800