Raj (aged 33) and his wife, Anita (aged 30), have just purchased a new condominium inBandar Sunway for RM550,000. They plan to take a 80% mortgage loan of RM440,000for the next 35 years. Raj has the following assets: a Nissan Cefiro worth RM65,000, stockson Bursa Malaysia worth RM180,000, group insurance by his employer worth RM400,000and personal insurance with a face amount of RM250,000. He has a hire purchase loanon the Nissan Cefiro amounting to RM40,000. Should he pre-decease Anita, Raj plansto provide RM36,000 per annum for Anita till she reaches age 70. He would also like tocreate an Emergency Buffer fund of RM50,000 and Final Expenses fund of RM35,000.Using the Capital Liquidation method, compute the amount of additional life insurancethat Raj needs to purchase. Assume a discount rate of 4% per annum and that incomeis received at the end of the period.
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