The Porter family has two adults and three children. Mrs. Porter is a prominent lawyer in the state capital. Her income is currently $160,000. Her husband takes care of the kids. He has not worked in several years and has training as a computer programmer. Since he has not stayed up-to-date with best practices in his field, he expects that he would have a hard time if he ever tried to re-enter the work force. Their youngest child is 3 years old. They have the following outstanding debts: $140,000 on their mortgage, $20,000 on cars, 1,200 on credit cards, and 50,000 on student loans.

1. What is the most appropriate method for computing their life insurance needs?

2. Using the most appropriate method, how much life insurance would you recommend the Porters purchase (show your work)? Are there any important additional considerations (if so adjust your recommendation accordingly)?