You and your spouse are in good health and have reasonably secure careers. You make about $75,000 annually and have opted for Iffe insurance coverage of three times your salary through your employer. With your spouse's income, you are able to absorb ongoing Ilving costs of $55,000 a year, You own a home with a $290,000 mortgage. Other debts include a $15,000 car loan, $7.000 student Ioan, and $4,000 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 $100.000 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 $25,000 toward this goal in an RESP. Should you die, your beneficiarles would recelve a $2.500 death benefit lump-sum payment from the Canada Pension Plan, You also have $35,000 in yout company pension plan. Average funeral expenses are $12,000. Your other financial assets are as follows: Use the family-need method to determine your ilfe insurance needs. Dependents need 5 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