The Porter family has two adults and three children. Mrs. Porter is a prominent lawyer in the state capital. Her income is currently $160,000. Her husband takes care of the kids. He has not worked in several years and has training as a computer programmer. Since he has not stayed up-to-date with best practices in his field, he expects that he would have a hard time if he ever tried to re-enter the workforce. Their youngest child is 3 years old. They have the following outstanding debts: $140,000 on their mortgage, $20,000 on cars, $1,200 on credit cards, and $50,000 on student loans.

It is also very important to the Porters that their children receive a college education. Using a tax-exempt college savings plan, they have set aside roughly $10,000 for each of their children to go to college. They are on track to be able to save enough money for their children to go to college (an estimated $70,000 per child). What type of life insurance could they get to ensure that their children could still go to college in the event of the death of Mr. and Mrs. Porter? In order to meet just this goal, how much insurance do they need for the next 10 years? How much for the 10 years after that? How much for the 10 years after that?

Answer rating: 100% (QA)

The Porters could get a term life insurance policy to ensure that their children could stil... View the full answer