Brad earns $50 000 per year as a manufacturer's rep and his wife, Nancy, earns $100 000 per year as an oncologist. When they had children, Nancy left her practice to become a full-time mother. The family's expenses are $35 000 per year, which includes an amount being saved for the children's post-secondary education. Brad and Nancy have two children, ages 2 and 5. They receive an average return of 6 percent on their investments. Nancy has retained her active medical licence and plans to return to work full-time when the children enter school. Using the budget method, how much life insurance should the family have in the event of Brad's death?

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The Answer of Brad earns $50 000 per year as a manufacturer's rep and his wife, Nancy, earns $100 000 per year as an oncologist. When they had children, Nancy left her practice to become a full-time mother. The family's expenses are $35 000 per year, which includes an amount being saved for the children's post-secondary education. Brad and Nancy have two children, ages 2 and 5. They receive an average return of 6 percent on their investments. Nancy has retained her active medical licence and plans to return to work full-time when the children enter school. Using the budget method, how much life insurance should the family have in the event of Brad's death?

Brad Earns $50 000 Per Year as a Manufacturer's Rep