John Doe, 43 years old, is planning to take care of his elderly father, Steve, who is 75 years old. His father receives $1,200 per moth in social security payments and $3,200 per month from a company pension. Steve has an annuity payment of $500 per month from investments, and these figures noted are all of Steves available income. The annuity payments will end in three (3) years at the end of 2024.

John receives $95,000 salary at his current job. He has stocks and investments valued at $125,000, and a home with a fair market value of $165,000. Johns liabilities include a mortgage of $80,000 and other personal debts of $14,000.

John expects Steve to live another 12 years to 2032 and wishes to provide financial security for him when Steve moves to an assisted living residence next month where expenses will be $6,500 per month.

To provide for his fathers living expenses, how much life insurance should john have for a 15 year term policy?