Kim and Jim Cuttner are 37 years old and have one dauphter, age .5. Kim is the primary earner, making $87,000 per year, Jim does not currently work, The Cuttness have decided to use the needs analysis method to calculate the value of a life insurance policy that would provide for lim and their daughter in the event of Kim's death. Kim and Jim estimate that while their daughter is staliliving at home, monthly living expenses for Jim and their child will be about $3, 700 (in current. dollars). After their daughter leaves for college in 13 years, Jim will need a monthly income of $3,100 until he retires at age 65 . The Cuttiners estimate Jim's living expenses after 65 will only be $2,700 a month. The life expectancy of a man lim's age is 82 years, so the Cuttrer family calculates that lim will spend about 17 years in retirement. Using this information, complete the first portion of the neods analyses worksheet to estimate their total tivine expenses. Ule Insurance Noeds Analysis Worksheet In addibion to these monthly expenses, other future outiays must be accounted fot, Before they had a child, Iim worked as a mechanical engineer, but his knowledge and skals are now somewhat outdated. Therefore, they lndude szo, aod for lim to go back to school. Additionalfy, Kins and Jimi want to create a college fund of 335,000 to fund their child's college education. They estimate that final expenses (funeral costs and estate taxes) will ampunt to 512,000. Finally, they have taken out a foan for a business venture of 390,000 and an autemoblle loan of $3,000. Because the Cuttenen are fenters. they have no butstanding mortgage. Using this information, complete the next portion of Step 1 to determine the total financial resources needed. The second half of the needs analysis worksheet is not shown on this page. To complete the worksheet and determine the value of the life ingurance policy the Cutthers should purchase, they need to factor in additional information. True of False: The walue of Kim's emplover-offered life insurance solicy should be accounted for in the remaining portion of the form. True False