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Find the amount of additional life insurance needed

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Reference no: EM133060699

Annie and Harry are doing a life insurance needs analysis, and have gathered the following information:

Each of them earns the same salary amount of

$57,000

Nominal projected investment return average, per annum

7%

Inflation projection, per annum

3%

The number of years insurance money should last

35

Combined Net Worth

$61,998

CPP Survivor Benefit

$420 per month

Expected Lifestyle Expenses (after mortgage deduction)

$6,000 per month

Additional funds for emergency, vacation & taxes

$30,000

Funeral expenses

$20,000

Current group insurance coverage from employer 

1 x Salary

Find the amount of additional life insurance needed.

Reference no: EM133060699

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