You and your spouse are in good health and have reasonably secure careers. You make about $77,500 annually and have opted for life insurance coverage of three times your salary through your employer. With your spouses income, you are able to absorb ongoing living costs of $57,500 a year. You own a home with a $292,500 mortgage. Other debts include a $16,250 car loan, $7,500 student loan, and $4,250 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 $105,000 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 $27,500 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 $37,500 in your company pension plan. Average funeral expenses are $12,800. Your other financial assets are as follows:

Bank accounts	$	3,350
Term deposits (3 months)		4,250
TFSA High Interest Savings		2,250
Stock investment account		3,750
RRSPs		10,500

Use the family-need method to determine your life insurance needs. Dependents need 6 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??