John Smith (40) and his wife Jane (30) have 3 children- Joseph (9), Sara (7) and Kevin (3). They were born and raised in Houston, TX and currently reside in West University. John is a senior VP for Exxon Mobile and Jane is a labor and delivery nurse at Memorial Hermann in the Medical Center. John Smith has an annual salary of $150,000 plus stock options and a 401 (k) where Exxon Mobile matches up to 6% of his annual income. Jane Smith has an annual salary of $75,000 and also has a 401 (k) contribution by Memorial Hermann that matches up to 3%. The Smiths have a home mortgage of $425,000 fixed at 4% for 30 years. The home was appraised in 2012 in the amount of $1,000,000. They also have $20,000 in credit card debt. John Smith drives a BMW 7 Series- in which he still owes $55,000. Jane Smith drives a Chevy Suburban that still has $28,000 left to pay. Both vehicles were financed at 2.5%. Jane Smith has a small student loan from nursing school- about $15,000 at a fixed rate of 4.75% for 20 years. John's retirement savings to date is $95,000 and Jane is close behind at $50,000. They do not have any other assets and do not have any college savings for any child. Both John and Jane plan on working until age 65. *Jane inherited $100,000 from her grandmother's (Martha) estate. If something were to happen to either John or Jane, how much coverage will the family need to survive? If they live past 65, what will they need to live off of without having to work? John Smith (40) and his wife Jane (30) have 3 children- Joseph (9), Sara (7) and Kevin (3). They were born and raised in Houston, TX and currently reside in West University. John is a senior VP for Exxon Mobile and Jane is a labor and delivery nurse at Memorial Hermann in the Medical Center. John Smith has an annual salary of $150,000 plus stock options and a 401 (k) where Exxon Mobile matches up to 6% of his annual income. Jane Smith has an annual salary of $75,000 and also has a 401 (k) contribution by Memorial Hermann that matches up to 3%. The Smiths have a home mortgage of $425,000 fixed at 4% for 30 years. The home was appraised in 2012 in the amount of $1,000,000. They also have $20,000 in credit card debt. John Smith drives a BMW 7 Series- in which he still owes $55,000. Jane Smith drives a Chevy Suburban that still has $28,000 left to pay. Both vehicles were financed at 2.5%. Jane Smith has a small student loan from nursing school- about $15,000 at a fixed rate of 4.75% for 20 years. John's retirement savings to date is $95,000 and Jane is close behind at $50,000. They do not have any other assets and do not have any college savings for any child. Both John and Jane plan on working until age 65. *Jane inherited $100,000 from her grandmother's (Martha) estate. If something were to happen to either John or Jane, how much coverage will the family need to survive? If they live past 65, what will they need to live off of without having to work
