With a second child on the way, the Johnson's would like you to tell them if they need to purchase life insurance.

1. If they need life insurance, briefly outline the 2 life insurance options to them (Term vs. Permanent).
2. Let's assume that the clients decide that they would like to purchase TERM Life Insurance. How would you estimate the amount ($) of life insurance that the Austin's needs? (Do not actually do a calculation. Just explain in theory how this would be calculated-PV of the couples future net income until they retire at age 65).

Your Client's List of Assets, Liabilities, Income \& Expenses