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Joe currently has a life insurance policy of $1,000,000. In reviewing his life insurance needs using the family needs method, Joe provides you with the

Joe currently has a life insurance policy of $1,000,000.

In reviewing his life insurance needs using the family needs method, Joe provides you with the following information:

Income Replacement $2,200,000

Funeral Expenses 20,000

Assets (Fair market value) 1,400,000

Debt Payoff 300,000

College education for son 380,000

How much additional life insurance would you advise Joe to purchase?

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