Using the "nonworking" spouse method, what should be the life insurance need for a family whose youngest child is 7 years old?
Multiple Choice
$55,000
$110,000
$90,000
$180,000
$220,000
Answer (1)
The recommended life insurance need is $110,000ExplanationUsing the "nonworking" spouse method, the life insurance need for a family whose youngest child is 7 years old is calculated by multiplying $10,000 by the number of years until the child turns 18. Since 18 - 7 = 11 years:11 years × $10,000 = $110,000
