You are 30 years old with a gross annual income of $75,000. You are married with 2-year-old twin children. Your spouse is 25 years of age. You estimate that your final expenses for funeral, burial, and other expenses will be $14,000. You currently owe $195,000 on a mortgage, $22,000 on a car loan, and $26,000 in credit card debt. You would like to replace your income for 35 years and believe that your insurance proceeds can be invested to earn a 4% return. You would also like a minimum of $50,000 for each child to be placed in a college fund. You do not anticipate a need to fund a readjustment period for your spouse. You currently have a $100,000 whole life insurance policy. They are expected to receive $39,840 annual Social Security benefits from the government for 16 years.

Estimate the amount of life insurance your family needs.