You and your spouse are in good health and have reasonably secure careers. You make about $65,000 annually and have opted for life insurance coverage of three times your salary through your employer. With your spouse's income, you are able to absorb ongoing living costs of $45,000 a year. You own a home with a $280,000 mortgage. Other debts include a $10,000 car loan, $5,000 student Ioan, and $3,000 charged to credit cards. In the event of your death, you wish to leave your family debt-free. One of your most important financial goals involves building an education fund of $80,000 to cover the costs of a four-year university program for each of your two children ages two and four. To date, you have accumulated $15,000 toward this goal in an RESP. Should you die, your beneficiaries would receive a $2,500 death benefit lump-sum payment from the Canada Pension Plan. You also have $25,000 in your company pension plan. Average funeral expenses are $10,000. Your other financial assets are as follows: Use the family-need method to determine your life insurance needs. Dependents need 7 years of income as living expense. Assume that there is a desire to have a 3 month reserve based on their annual income. (Omit the "\$" sign in your response.) Additional life insurance needs You and your spouse are in good health and have reasonably secure careers. You make about $65,000 annually and have opted for life insurance coverage of three times your salary through your employer. With your spouse's income, you are able to absorb ongoing living costs of $45,000 a year. You own a home with a $280,000 mortgage. Other debts include a $10,000 car loan, $5,000 student Ioan, and $3,000 charged to credit cards. In the event of your death, you wish to leave your family debt-free. One of your most important financial goals involves building an education fund of $80,000 to cover the costs of a four-year university program for each of your two children ages two and four. To date, you have accumulated $15,000 toward this goal in an RESP. Should you die, your beneficiaries would receive a $2,500 death benefit lump-sum payment from the Canada Pension Plan. You also have $25,000 in your company pension plan. Average funeral expenses are $10,000. Your other financial assets are as follows: Use the family-need method to determine your life insurance needs. Dependents need 7 years of income as living expense. Assume that there is a desire to have a 3 month reserve based on their annual income. (Omit the "\$" sign in your response.) Additional life insurance needs