Using this information, complete the first portion of the needs analysis worksheet to estimate their total living expenses. Life Insurance Needs Analysis Worksheet In addibon to these monthly expenses, other future outlays must be accounted foc Before they had a child, Sunita worked as a mechanical engineer, but her knowledge and sklls are now somewhat outdated. Therefore, they indude $25,000 for 5unta to go back to school. Additionaly, Rajw and Sunita want to create a college fund of $30,000 to fund their child's college education. They estimate that final expenses (tuneral costs and estate taxes) wall amount to $12,000. Finally, they have taken out a loan for a business venture of $40,000 and an automobile loan of \$3,000. Because the Malks are renters, they have no outstanding mortgage. Using this information, complete the next portion of Step t to determine the total financal resources noeded. The second half of the needs analysis workcheet is not shown on this page. To complete the worksheet and detcrmine the value of the life insurance policy the Malks should purchase, they need to factor in addeional information. True or false: The value of Rajiv and Sunda's other samings and imvestments should be accounted for in the remaining portion of the form. True 2. How much life insurance do you need? Calculating needs - Part1 Rajw and Sunita Malik are 52 years old and have one daughter, age 14. Rajiv is the primary earner, making 580,000 per yeak 5 unita does not currently work. The Maliks have deoded to use the needs analysis method to calculate the value of a life insurance policy that would provide foi Surita and their daughter in the event of Rajiv's death. Rajiv and Sunita estimate that while their daughter is still living at home, monthly living expenses for $ unita and their child will be about $3,300 (in current dollars). After their daughter leaves for college in 4 years, Sunita will need a monthly income of $2,750 until she retires at age 65 . The Maliss estimate Sunita's lving expenses after 65 will only be $2,300 a month. The life expectancy of a woman 5u inita's age is 87 years, so the Malik family calculates that Sunita will spend about 22 years in retirement