How much coverage does this household actually need, and for how long? Every need carries a time, so the temporary and the permanent separate on their own.
The household needs about $2,793,939 today to replace 20 years of income, clear the mortgage and debts, fund college and cover the permanent needs. $130,000 is already in place, which leaves an estimated need of $2,663,939: $2,663,939 temporary and $0 permanent.
An estimate under the assumptions listed, computed on this page from what you typed. Not a projection, a quote, an illustration or a guarantee. Educational content only. Nothing here is individual financial, tax, insurance or legal advice, and nothing here is an offer or a recommendation of any product or strategy. Rates, tax rules and product terms change; check them before you rely on a number. BlackCase App is a software product that connects people with licensed financial professionals. It is not an insurance company, a broker-dealer, or a registered investment adviser.