You are a dual-income, no-kids family. You and your spouse have the following debts (total): mortgage,...

You are a dual-income, no-kids family. You and your spouse have the following debts (total): mortgage, $214,000; auto loan, $24,000; credit card balance, $18,000; other debts, $24,000. Further, you estimate that your funeral will cost $9,000. Your spouse expects to continue to work after your death. Using the DINK method, what should be your need for life insurance? Insurance need $

Expert Solution

DINK stands for double income and no kids.

According to DINK method insurance need is half of all your debts plus funeral expenses.

=(214000+24000+18000+24000)/2+9000
=$149,000

jeff jeffy answered 2 years ago

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