Life Insurance Needs Analysis

This short questionnaire will help you to determine your life insurance needs. We firmly believe that insurance should exist to solve a specific problem. Making sure you have the right amount is important to ensure you don't pay too much for your insurance - or have too little coverage when you need it most. These questions should take 15-20 minutes. Keep in mind that numbers don't have to be exact - just in the ballpark.

In marriage/partner situations, you should each answer this individually. Insurance needs can differ significantly for each spouse.

Don't get too stressed about your answers - your goals will naturally change over time. We revisit this tool every few years with my clients to keep up with the changes they experience throughout life. If you don't know the answer to a question, you can leave it blank and we can discuss it in person.

Once you have answered and submitted the questions, we will compile the information into a customized report. We will also include a quote from all the insurers in the United States to get you started. After you see the report, we can make adjustments in a snap so you can tailor your plan to be exactly what you need.

Let's get started. Input your email address

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Reviewing Your Estate Assets

This section is where you list all assets that would be classified as "Estate Assets" upon death.

Estate Assets are items of value that would be used to take care of financial needs and wants. Items could include a the proceeds from selling a second vehicle, equity or dividends from a business, Investments/RRSP's or a spectacular collection of vintage Star Wars figurines.

If you are ever unsure how to answer, you can leave the entry blank to remove it from the equation.

Would you sell a vehicle if your spouse passed away? If so, how much would it sell for if you had to sell it tomorrow?

How much Cash and Savings do you regularly keep?

Do you have any personal Life Insurance policies currently in force? If so, how much would they pay? Total the amounts up and enter them here.

Does your spouse have any personal Life Insurance policies currently in force? If so, how much would they pay? Total the amounts up and enter them here.

What is the total value of your Investment portfolio (include stocks, mutual funds and real estate holdings other than your principal residence)?

Do you have a defined benefit pension? (a pension that doesn't tell you the total value, but instead tells you how much a month you would receive at retirement.)

Yes, I have a Defined Benefit Plan

No, I do not have a Defined Benefit Plan

I don't know what this is

Your "Have To" Items

These are the things that you have to pay upon death. They include funeral costs, taxes due and outstanding business loans and personal guarantees. Some of these items may not apply to you - just skip the questions that do not apply to you.

If you own your own home, do you pay your Property Tax annually? If so, enter the annual amount below.

Other than your mortgage (we will get to that later), what loans do you have outstanding? (eg: student loans, line of credit, vehicle loans, etc.)

What is your state of residence?

How much do you expect to spend on a funeral? (the average is around $30,000 but I wouldn't recommend using a number lower than $15,000)

Do you own a business?

Yes

Your "Want To" Items

These are the things that are optional, yet may be important enough to take care of in the event of a death. This list is pretty exhaustive so if you don't think you would use a certain item, just leave it blank.

How much Emergency Income would you prefer to have set aside? (generally 2-4 months of your regular income)

How much of an Emergency Reserve would you want to keep (for unusual emergencies such as vehicle repairs, furnace replacement, dental emergencies, etc.)?

If you have a Mortgage, what is the balance owing?

If you don't own a home yet, it can be wise to provide a Home Provision Fund. Enter an amount below that would purchase a home adequate for your family.

Are there any items that need replacement (ie: aging car, rusty hot water tank, etc.)? If so, enter an amount below to cover replacement costs.

Do you have any anticipated purchases planned that you would want to ensure? (Maybe the surviving spouse is planning to go back to school after raising the kids, or the family plans to buy a cabin)

Would you like to provide an education fund for your children? If so, how much? (Remember to multiply your amount by how many children you plan to have)

Would you like to leave a legacy to a charity, church, individual or memorial fund?

Is there anything else you may want to plan for that wasn't covered above?

Determining Your Income Needs

Survivors may need varying degrees of income support. Most families want to ensure that the surviving parent or guardian of their children have adequate income support during the child's formative years. The cost of childcare can significantly dilute a single parent's income - almost making it negligible for them to try to earn an income to afford both living expenses and childcare costs.

What is your current monthly family income?

What percentage of that income is required to live your current lifestyle? (excluding any debt payments you planned to pay off in previous questions.)

What is a conservative rate of return you could expect to earn? (Make sure that it is conservative - this is money that the surviving spouse can't afford to lose. I generally recommend 4% - 5%.)

What rate of inflation would you like to account for? (The long term average has been about 2.5% but energy and food costs seem to be rising faster. A common choice is 2.5% - 3% per year.)

How long would you like this income to last? (Enter a value in years - generally until your investments are sufficient to provide a replacement income. Enter a zero if you would like it to last indefinitely.)

That sums it up!

We have all the information we need to determine your insurance needs. We will review your information to make sure that everything is clear. Once complete, I will contact you to discuss the results.

We can also request insurance quotes from all the insurers in the United States. To do this, we need you to provide some personal information. For privacy reasons, we do not show the insurer's your name - they only see your age, gender and smoking status. We respect your privacy, meaning we will never sell your private information to anyone and never share your information with anyone without your express permission.

What is your Occupation?

Are you a tobacco user? This includes cannabis.

Yes

Marital Status

Spouse's First Name

Your spouse's birth date.

Your spouse's occupation.

What gender is your spouse?

Male

Female

Your spouse's smoking status.

Children and Other Dependents

Do you have children under the age of 18?

Yes

Please include the full name, gender and birthdate of each dependent.

Medical History

Have you been diagnosed with or treated for any medical condition within the past 10 years?

Yes

Has any immediate family member been diagnosed with heart disease, stroke or cancer before age 60?

Yes

Please list all medications and reasons for taking: