Jane and Joe each earn $55 000 and have estimated that over the next 20 years will need 60 percent of their total income to manage debt, pay off the mortgage, and pay for their children's postsecondary education. How much life insurance should they apply for? (Investment returns are 6 percent.)

Answer rating: 100% (QA)

First we can calculate their total income over the next 20 years by multiplying their current annual ... View the full answer