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2. How much life insurance do you need? Calculating needs - Part1 Kevin and Kathy Woo are 37 years old and have one son, age 5 , Kevin is the primary earner, making $87, 000 per year. Kathy does not currently work. The Woos have decided to use the needs analysis method to calculate the value of a life insurance policy that would provide for Kathy and their san in the event Kevin's death. Kevin and Kathy estimate that while their son is still living at home, monthly living expenses for Kathy and their child will be about $3,700 (in current dollars). After their son leaves for college in 13 years, Kathy will need a monthly income of 53,100 until she retires at age 65 . The Woos estimate Kathy's living expenses after 65 will only be $2,700 a month. The life expectancy of a woman Kathy's age is 87 years, so the woo family calculates that Kathy will spend about 22 years in retirement. In addition to these monthly expenses, other future outlays must be accounted for. Before they had a child, Kathy worked as a financial consultant, but her knowledge and skills are now somewhat outdated. Therefare, they include 530,000 for Kathy to go back to school. Additionally, Kevin and Kathy want to create a college fund of $35,000 to fund their child's college education. They estimate that final expenses (funeral costs and estate taxes) will amount to $12,000. Finally, they have taken out a loan for home improvements of $130,000 and an automobile loan of $5,000. They own their home but still have an outstanding mortgage of $300,000. Using this information, complete the next portion of Step 1 to determine the total financial resources needed. In addition to these monthly expenses, other future outlays must be accounted for. Before they had a child, Kathy worked as a financial consultant, but her knowledge and skills are now somewhat outdated. Therefore, they include $30,000 for Kathy to go back to school. Additionally, Kevin and Kathy want to create a college fund of $35,000 to fund their child's college education. They estimate that final expenses (funeral costs and estate taxes) will amount to $12,000. Finally, they have taken out a loan for home improvements of $130,000 and an automobile loan of $5,000. They own their home but still have an outstanding mortgage of $300,000. 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 insurance policy the woos should purchase, they need to factor in additional information. 2. How much life insurance do you need? Calculating needs - Part1 Kevin and Kathy Woo are 37 years old and have one son, age 5 , Kevin is the primary earner, making $87, 000 per year. Kathy does not currently work. The Woos have decided to use the needs analysis method to calculate the value of a life insurance policy that would provide for Kathy and their san in the event Kevin's death. Kevin and Kathy estimate that while their son is still living at home, monthly living expenses for Kathy and their child will be about $3,700 (in current dollars). After their son leaves for college in 13 years, Kathy will need a monthly income of 53,100 until she retires at age 65 . The Woos estimate Kathy's living expenses after 65 will only be $2,700 a month. The life expectancy of a woman Kathy's age is 87 years, so the woo family calculates that Kathy will spend about 22 years in retirement. In addition to these monthly expenses, other future outlays must be accounted for. Before they had a child, Kathy worked as a financial consultant, but her knowledge and skills are now somewhat outdated. Therefare, they include 530,000 for Kathy to go back to school. Additionally, Kevin and Kathy want to create a college fund of $35,000 to fund their child's college education. They estimate that final expenses (funeral costs and estate taxes) will amount to $12,000. Finally, they have taken out a loan for home improvements of $130,000 and an automobile loan of $5,000. They own their home but still have an outstanding mortgage of $300,000. Using this information, complete the next portion of Step 1 to determine the total financial resources needed. In addition to these monthly expenses, other future outlays must be accounted for. Before they had a child, Kathy worked as a financial consultant, but her knowledge and skills are now somewhat outdated. Therefore, they include $30,000 for Kathy to go back to school. Additionally, Kevin and Kathy want to create a college fund of $35,000 to fund their child's college education. They estimate that final expenses (funeral costs and estate taxes) will amount to $12,000. Finally, they have taken out a loan for home improvements of $130,000 and an automobile loan of $5,000. They own their home but still have an outstanding mortgage of $300,000. 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 insurance policy the woos should purchase, they need to factor in additional information