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Estimating Life Insurance Needs Using the DINK Method. You and your spouse are in good health and have reasonably secure jobs. Each of you makes about $\$ 28,000$ a...

Question

Estimating Life Insurance Needs Using the DINK Method. You and your spouse are in good health and have reasonably secure jobs. Each of you makes about $\$ 28,000$ annually. You own a home with an $\$ 80,000$ mortgage, and you owe $\$ 10,000$ on car loans, $\$ 5,000$ in personal debt, and $\$ 3,000$ in credit card loans. You have no other debt. You have no plans to increase the size of your family in the near future. Estimate your total insurance needs using the DINK method. (Obj. 2)

Estimating Life Insurance Needs Using the DINK Method. You and your spouse are in good health and have reasonably secure jobs. Each of you makes about $\$ 28,000$ annually. You own a home with an $\$ 80,000$ mortgage, and you owe $\$ 10,000$ on car loans, $\$ 5,000$ in personal debt, and $\$ 3,000$ in credit card loans. You have no other debt. You have no plans to increase the size of your family in the near future. Estimate your total insurance needs using the DINK method. (Obj. 2)



Answers

Length of Life According to recent data from the Teachers In-
surance and Annuity Association (TIAA), the survival function
for life after 65 is approximately given by
$S(x)=1-0.058 x-0.076 x^{2}$
where $x$ is measured in decades. This function gives the
probability that an individual who reaches the age of 65 will
live at least $x$ decades $(10 x$ years) longer. Source: Ralph
DeMarr.
(a) Find the median length of life for people who reach 65
(b) Find the age beyond which virtually nobody lives. There
are, of course, exceptions.)


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