1. John is a 35 year old software engineer with a stable income, earning $80,000 annually. His wife, Sarah, is a stay-at-home mother, responsible for taking care of their children. The family owns a modest home, with 10 years of mortgage still remaining, and has some savings in their bank account. John and Sarah want to ensure that their children's education expenses are covered, and Sarah can maintain their current standard of living if anything were to happen to John. As a financial advisor, thoroughly evaluate the usefulness of life insurance and determine whether it aligns with his family's long-term financial goals and needs. Consider aspects such as his current budget and future liabilities.

2. Based on the previous question, distinguish between two methods that can be used to determine the value the amount of life insurance John needs to decide.