Kumar is married, with three children, aged 13, 11, and 9. He has been advised to purchase life insurance. Kumar is 38, whilst his wife is 36. Kumar wants enough life insurance cover from his policy to look after his wife financially until she is 55. He also wants to buy a life insurance policy for his wife, with coverage until he is 55. It is also a good idea to provide enough cover in each respective policy for their children's specific expenses until they are all 25. The couple's expenses are $3,300 per month, whilst the monthly expense to raise each child is $900 per month (each). They have a mortgage of $570,000, and a credit card balance of $35,000. Upon death of either spouse, funeral costs will be $17,000. Estate administration costs will be $9,000. Both Kumar and his wife would like to make a provision for their children's future weddings of $110,000 per child. Kumar has a superannuation balance of $340,000, whilst his wife has a balance of $290,000. Calculate the value of both life insurance policies separately under the needs approach.