The insured person is $32$ years old and earns a gross salary of $$66000/$year for the household and is the only income earner. There are four children and a non$-$working spouse. The income$-$earner plans to retire at age $67.$ The average tax rate is $24\%.$ The inflation rate is $2\%,$ and the relevant discount rate is $7\%.$

What is the estimate of life insurance needed based upon the Human$-$Life$-$Valuation method?