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How much additional life insurance should your aunt, age 28, purchase to meet he financial goals based on the need approach? Ignore the availability of Social Security survivor benefits

Your aunt has a one year old son. Her annual gross income is $45,000 and her employer provides group life insurance in the amount equal to employee's salary. Your aunt has the following financial needs and objective: Monthly income support for her son $1,800 Pay off mortgage on home $100,000 Pay off car loan and credit card $15,000 College education for her son $100,000 Funeral costs and uninsured medical bills $$15,000 Her financial assets include $1,000 checking account, $6,000 IRA, $10,000 in the 401(k) plan, $25,000 individual life insurance, and the group life insurance. How much additional life insurance should your aunt, age 28, purchase to meet he financial goals based on the need approach? Ignore the availability of Social Security survivor benefits Your aunt has a one year old son. Her annual gross income is $45,000 and her employer provides group life insurance in the amount equal to employee's salary. Your aunt has the following financial needs and objective: Monthly income support for her son $1,800 Pay off mortgage on home $100,000 Pay off car loan and credit card $15,000 College education for her son $100,000 Funeral costs and uninsured medical bills $$15,000 Her financial assets include $1,000 checking account, $6,000 IRA, $10,000 in the 401(k) plan, $25,000 individual life insurance, and the group life insurance. How much additional life insurance should your aunt, age 28, purchase to meet he financial goals based on the need approach? Ignore the availability of Social Security survivor benefits

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