Mark and Suzanne, aged 40 and 37, have 2 children aged 5 and 3. They live in their own home, which is jointly owned. The family home is worth currently $725,000, which is on a $550,000 mortgage loan. They have contents worth of $100,000. Mark works as a senior accountant and earns $95,000 after tax annual salary. In addition to this job, he runs an accounting services business, which earns him $20,800 after tax annually. Marks employer pays superannuation guarantee payments to an industry superannuation fund, which has accumulated to $175,000. This superannuation fund provides a term life cover of $200,000 for Mark. Suzanne works part-time and earns $52,000 after tax p.a . currently; she has $45,000 in her superannuation account. She does not have life insurance cover. On average, Mark, Suzanne and the family have $8,500 living expenses monthly. They would like to look after their children until age 21, after which they will become financially independent. Suzanne noticed that once Mark was overseas for a business assignment, their monthly living expenses reduced to $6,500. When each child ceases to be dependent, the amount of monthly expenses will reduce by $1,200 a month. They make certain payments through a credit card, which has a balance of $12,000 currently. Mark and Suzanne have estimated that the sum of $250,000 will be necessary to meet the childrens educational expenses in future. Mark has a new car worth of $75,000, which is on a loan of $45,000. Suzanne has her own car worth of $39,000, which is also on a loan of $15,000. In the event of either Marks or Suzannes death, they would like to have an emergency fund of $15,000 and to have a budget of $20,000 for funeral and associated legal expenses. Mark is expected to live a further 45 years and Suzanne is expected to live a further 53 years. Both of them expect to retire at age 65. Required: In the event that Mark unexpectedly died, what would be the:

a) Total financial needs for the surviving family.

b) Total financial resources available to offset the needs.

c) The additional life insurance needed (if any).