EASY MethodJeffMaryCurrent Income $($salaries$)$$$70,000$$$40,000$Insurance need$$343,000$$$196,000$Current Life Insurance Coverage$$100,000$$$10,000$Additional Life Insurance Needed $($EASY METHOD$)$$$243,000$$$186,000$DINK MethodJohnMaryFuneral Expenses$$10,000$$$10,000$One$-$half of mortgage$70,00070,000$One$-$half of auto loan$6,5006,500$One$-$half of credit card balance$1,7501,750$Other Debts$1,3751,375$Insurance Needed$$89,625$$$89,625$Current Life Insurance Coverage$$100,000$$$10,000$Additional Life Insurance Needed $($DINK Method$)($$$10,375)$$$79,625$Family Need MethodJeffMaryWhat They Have Now:Bank Accounts $($Checking$)$$$6,500$$$6,500$Investments$,$ Savings, Portion of Deceased's Retirement Account $($not including home$)$$$180,000$$$20,000$Life Insurance Policies $($Death Benefit$)$$$100,000$$$10,000$Total$$286,500$$$36,500$What Dependents Need$13602501360250$Funeral Expenses$$10,000$$$10,000$Mortgage and Loans$$170,750$$$170,750$Credit Card Debt$$3,500$$$3,500$Subtotal$$184,250$$$184,250$Living Expenses$11000011000075\%$ of family income x Number of Years dependents will need it $($assume $15$ years$)$$$1,237,500$$$1,237,500$Emergency Fund$$36,000$$$36,000$Total of what the dependents will need$$1,273,500$$$1,273,500$Additional Life Insurance Needed $($Family Need Method$)$$$1,171,250$$$1,421,250$Most Coverage required from the three methods$$$$1,171,250$$$1,421,250$What do you recommend for death benefit amounts for each person $($Jeff and Mary$)?$ What is your rationale for the amount of coverage you recommend?JeffMaryRecommended Life Insurance NeedRationale for recommendation