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Scott, MIT Graduate
Category: Homework
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Experience:  MIT Graduate (Math, Programming, Science, and Music)
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1. Joetta Hernandez is a single parent with two children and

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1. Joetta Hernandez is a single parent with two children and earns $45,000 a year. Her employer’s group life insurance policy would pay 2.5 times for salary. She also has $60,000 save in a 401(k) plan, $5,000 in mutual funds, and a $3,000 CD. She wants to purchase term life insurance for 15 years until her youngest child is self-supporting. She is not concerned about her outstanding mortgage, as the children would go live with her sister in the event of Joetta’s death. Assuming she can receive a 3 percent after tax, after inflation return of insurance proceeds, use the earning multiple method to calculate her insurance needs. How much more insurance does Joetta need to buy? What other information would you need to know to use the needs approach to calculate Joetta’s insurance coverage?
Submitted: 6 years ago.
Category: Homework

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