Needs Analysis
Debt and Cash Needs
Mortgage
(Outstanding loan balance)
Credit Cards
(Average carry over balances)
Other Loans
(Car, Boat, Family Loans, etc.)
Children's Education
(Typically $10,000 to $30,000 per year, per child)
Emergency Funds
(Typically 3 to 6 months pay)
Funeral Expenses
(Typically $5,000 to $30,000)
Costs to settle Estate
(Typically income taxes and probate fees)
Income Replacement
Monthly Income
(Income that you need to support your family)
Number of year to replace Income
(Typically 10 years but can be more if the family will be financially dependent for longer)
Assets
Existing Life Insurance
(include policies under your group benefits and all individual policies)
Cash and Bank Balances
(Cash, Chequing, Savings, etc.)
Other Assets
(Assets that your family can sell, typically principle home is not included)