You and your spouse are in good health and have reasonably secure careers. You make about $35,000 annually and have opted for life insurance coverage of 3 times your salary through your employer. Considering your spouse's income, you are able to absorb on-going living costs of $45,000 a year. You own a home with an $80,000 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 $50,000 to cover the cost of a three-year university program for your 2-year old child. To date, you have accumulated $15,000 toward this goal. Should you die, your beneficiaries would receive a $2,500 lump sum payment from the Canada Pension Plan and $10,000 from your corporate pension plan. Your other financial assets are as follows:

Bank accounts......................................$2,100

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

Canada Savings Bonds............................1,000

Stock investment account.........................2,500

Use the Family Need Method to determine your life insurance needs.