Answer Happy

https://lifehappens.org/life-insurance- ... do-i-need/
Part II Please complete the follow questions based on the data provided. Use will use the life insurance calculator form http://www.lifehappens.org/insurance-overview/life- insurance/calculate-your-needs/ Note: calculator is at the bottom of the page. Please include screen shot. Dakota Prescott lives in Little Elm, Texas. He is married to his wife Scarlett and has 2 kids. Dakota is 16 and Grace is 4. Dak feels that he might not have enough life insurance if something were to happen to him. He has given you the raw data below: His age: 24 (life expectancy is 80) Her age: 22 (life expectancy is 84) Kid 1: 14 Kid 2: 8 Scarlett's income: $30,000 Savings account balance: $15,000 Inflation 3% Funeral Expenses $20,000 Loan to parents $30,000 Expected rate of return on assets: 8% (after tax yield) Credit Card A $25,000 Student Loan $46,000 Dakota's income: $110,000 Current life insurance: Dakota is insured and Scarlett is beneficiary; death benefit is $250,000. Marginal tax rate with Scarlett living: 20% Dakota's retirement age: 65 Scarlett's retirement age: 66 Both children will attend college. Annual income needed replaced for survivor: 70% of his income. Mortgage Balance: $285,000 401(k) balance: $120,000 1. How much life insurance should Dakota have on his life? Please provide a print screen of the calculation. What type of life insurance should be purchased and how long should the coverage exist? Make sure to print screen your final answer and show the detailed calculations from the website.