Jason is using the needs approach to determine how much life insurance to buy. 

His cash needs are $80,000; 

his income needs are $100,000; and 

special needs are $135,000.

Jason has the following assets: 

$20,000 in bank accounts, 

$70,000 in retirement plans, and 

$30,000 in investment accounts. 

Jason owns a $30,000 individual life insurance. He is also covered by a $50,000 group life insurance policy through his employer. 

Based on this information, how much additional life insurance should Jason purchase?

Answer rating: 100% (QA)

Lets break down the calculations 1 Cash Needs Cash Needs 80000 Current Cash Assets 20000 Shortfall f... View the full answer