Needs Analysis

Step 1: Assets and life insurance

Liquid assets
(Cash on hand, GICs, RRSPs and other investments)
Other disposable assets
(Rental property, cottages, farm or business assets)
Total amount of existing life insurance policies
(include group insurance, personal insurance, mortgage insurance)

Step 2: Liabilities and cash needs

Total mortgage amounts owing
(Residential, commercial etc.)
Total of loans and other debts
(such as bills and credit cards)
Final expenses
(funeral expenses, lawyer fees, income and capital gains taxes)
Education fund
(we suggest a minimum of $10,000 per child per year of schooling)
Other cash needs
(emergency fund, child care, aging parents, etc.)

Step 3: Income needed by your survivors
in the event of your death

Annual income to provide for your survivors
(70% of current income is often selected)
Approximate number of years income is to be provided
Annual rate of return on investments
(before taxes)

3 Comments so far ↓

  • Robert Lepage // Dec 26, 2010 at 2:20 am

    Looking for a quote with no bloodtests. All other medical tests are welcome. Not a fan of needles.

    Reply

    • lorne // Dec 27, 2010 at 1:40 pm

      Hi Robert,

      Yes depending on your age several plans and carriers will be avialable. As a rule of thumb – the younger the applicants age the higher the face amounts are available without a medical.

      Reply

  • jean paterson // Feb 4, 2011 at 6:49 pm

    I need something to help my children take care of my final expenses. also something that is not to expensive for me to handle

    Reply

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