Title Group Ch.10 IC Ch.11 Needs 1 Ch.11 Needs 2 Additional Ch.12 Monthly Payouts Calculate the insurnace needs for Chloe Nolan based the following infomration: Chloe is a maried female, 45-years old, with 2 dependents (children). Bought a home 15 years ago with a initial mortgage of $500,000 at a fixed rate of 3.60% over 30 years. Chloe is the primary financial supporter for her family. Her spouse is expected to need both Life Income and Retirement Income based on the listed assumptions. Funeral Costs Uninsured Medical Bills Probate Costs Federal Estate Taxes $35,250.00 $45,500.00 $5,500.00 $10,000.00 Checking and Savings $45,575.00 Mutual Funds and Securities IRA $156,250.00 $158,741.00 401K Current Life Insurance $360,000.00 $500,000.00 State Inheritance Taxes Reajustment Period $4,000.00 $125,000.00 Dependency Period Mortgage Redemption Fund $78,520.00 N 180 I/Y 0.300% PV PMT ($2,273.23) Life Income to Surviving Spouse N I/Y PV 20 6.000% PMT $75,000.00 Retirement Income N I/Y PV 15 6.000% PMT $80,000.00 Emergency Fund $50,000.00 College Education Fund $250,000.00 What You Need Cash Needs Funeral Costs Uninsured Medical Bills Installment Debts Probate Costs Federal Estate Taxes State Inheritance Taxes Total Estate Clearance Fund Income Needs Readjustment Period Dependency Period Life Income to Surviving Spouse Retirement Income Total Income Needs Special Needs Mortgage Redemption Fund Emergency Fund College Education Fund Total Special Needs Total Needs What You Have Today Checking and Savings Mutual Funds and Securities IRA 401K Private Pension Benefit Current Life Insurance Other Financial Assets Total Estate Clearance Fund Additional Life Insurance Needed Total Needs Less Total Assets Additional Life Insurance Needed Chloe Nolan Chloe Nolan