Mr. Jennings has a job earning $100,000 per year. His only debt is an outstanding mortgage of $200,000 on his home. He is married and they have 4 children. He estimates that if he were to die, his funeral would cost about $20,000. He also would like to see that each of his children go on a mission and then to college, which he estimated would cost $50,000 each. He would like to purchase a term life insurance policy. Using the family need method, how much insurance should Mr. Jennings purchase? Group of answer choices 

$500,000 

$520,000

 $700,000 

$880,000

$900,000

 $920,000 

$1,120,000