Question

Surprise! Jamie Lee and Ross were stunned to find that their family of two has grown to a family of five! They were expecting twins, but when the babies were born, they discovered that they were actually the parents of triplets! Ross immediately had worries of being able to provide for the growing family: diapers, formula, college expenses times three! What if something happened to him or Jamie Lee

Answer 1

The total amount of life insurance that will be needed by the family is $326506.

This is an incomplete question as the total amount of life insurance is to be calculated. Life Insurance is a contract between an insurance policyholder and an insurance company, where the insurer pays an amount of money in exchange for a premium, upon the death of an insured person.

The life insurance will be increased because the family increased and the calculation for the life insurance goes thus:

• Yearly income = $71000 × 5 = $355000
• Add: Emergency fund needed = $4451 × 6 = $26706
• Add: Funeral expenses = $8200
• Total estimate of the family's financial need = $389906
• Less: Liquid assets = $63400

Therefore, the Life insurance needed will be:

= $389906 - $63400

= $326506

In conclusion, the amount of life insurance that will be needed is $326506.

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