Dean is married and has 2 children. He is shopping around for a new life insurance policy and is trying to determine how coverage he needs. His annual salary is $125,000. He wishes to purchase a policy that provides income for another 10 years for his family. He has an existing mortgage of $200,000 and also has an outstanding car loan of $20,000. He estimates that college will cost about $200,000 for each of his children. He currently has $40,000 in liquid savings and $40,000 saved for each child in separate college savings accounts. He also has an existing life insurance policy through his employer which provides $150,000 of coverage. How much coverage does he need for his new policy?