Meet the Jones Family James, age 35 Mary, age 34 Jim Jr, age 3 Maria, age 7 Jim is an engineer with an income of $145,000 Mary is part time worker with an income of $38,000 Home is worth $245,000 with a mortgage balance of $185,000 Two cars, one is paid off and one with a loan balance of $13,500 30' sailboat with a loan balance of $28,000 James has $150,000 of group term insurance at the firm and an investment portfolio of $78,000 401K has a current value of $185,000 Calculate what assets the Jones Family has, then project how much additional life insurance will be needed in the event of death of the primary breadwinner