Insured: Phil E Phanatic• 27 years old, married, two childre…

Insured: Phil E Phanatic• 27 years old, married, two children• $50,000 annual salary and will retire at 67• $20,000 used for taxes, insurance, and personal needs/wants• Assumed 5% discount rate• PV of 40 annual payments of $1: $17.16• Phil’s life value: $30,000 x 17.16 = $514,800 What amount of insurance would you recommend to Phil?