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 loan, 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:

Bank accounts $ $2,100$

Term deposits $(3$ months$)3,000$

TFSA High Interest Savings $1,000$

Stock investment account $2,500$

RRSPs $10,500$

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 $