Jeffery is married, with two children, aged 3 and 6. He has been advised to purchase life insurance. Jeffery is 28, whilst his wife is 27. Jeffery wants enough life insurance cover from his policy to look after his wife financially until she is 67. He also wants to buy life insurance for his wife in case she dies, with coverage for himself as beneficiary until he is 67. It is also a good idea to provide enough cover in each respective policy for his children's specific expenses until they are all 25. The couple's expenses are $4,800 per month, whilst the monthly expense to raise each child is $1,200 per month (each). They have a residential mortgage of $450,000, an investment loan worth $580,000, and a car loan of $55,000. Upon death of either spouse, funeral costs are expected to be $17,000, whilst estate administration costs will be $6,000. Both Jeffery and his wife would like to make a provision for their children's future weddings of $80,000 per child, a house deposit of $250,000 per child and tertiary education provision of $90,000 per child. Jeffery has a superannuation balance of $380,000, whilst his wife has a balance of $60,000. Calculate the value of both life insurance policies separately under the needs approach.