Question

Suppose that yours is a typical family. Your annual income is $50,000. Use the easy method to determine your need for life insurance. Your insurance should be in the amount of

Answer 1

Answer:

Your insurance should be in the amount of $245000.

Explanation:

amount of insurance = gross income*70%

gross income = $50,000*7

                        = $350000

amount of insurance = gross income*70%

                                   = $350000*70%

                                   = $245000

Therefore, Your insurance should be in the amount of $245000.