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You are a dual income, no kids family. You and your spouse have the following debts (total): mortgage, $290,000; auto loan, $15,000; credit card balance, $4,000; and other debts of $8,000. Further, you estimate that your funeral will cost $8,000. Your spouse expects to continue to work after your death. Using the DINK method, what is your life insurance need?

Answer :

Answer:

Total Insurance need          $166,500

Explanation:

Life insurance [DINK method]

Amount mortgage loan (half)  $145,000  

Auto loan(half)                   $7,500  

Credit card balance(half)  $2,000  

Other debts(half)               $4,000  

Funeral cost                          $8,000  

Total Insurance need          $166,500

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