Problem 10-2 (LO10.1) You and your spouse are in good health and have reasonably secure careers. Each of you makes about $55,000 annually. You own a
home with a mortgage of $120,000, and you owe $15,000 on car loans, $5,000 in personal debts, and $4,000 on credit card loans.
You have no other debts. You have no plans to increase the size of your family in the near future. Assume funeral expenses of $10,000.
Estimate your total insurance needs using the DINK method.
Insurance need