How Much Life Insurance Does your Client Need?
Life Insurance Nees analysis for: As a provider for your family, your loved ones have a life that woul not be the quality it is without you. It is especially important to protect your family's quality of life in the event that you are no longer there to provide for them. Determine what your potential life insureance needs are by completing this simple workshee.
Expense
Formula
Estimated Dollar Amount:
1. Income Replacement
7x-10x annual income
$
2. Mortgage/Rent
Remaining mortgage or estimate of annual rent X 5years
3. Outstanding Debt
Outstanding loans, credit card debt, other debt
4. College Education
Estimated cost of college per yar(multiplied by 4 years)multiplied by number of children
5. Energency Fund
25% to 50% of annual income
6. Funeral Cost
Approx. $10,000
7. Total Cash Needed
Add lines 1 through 6
8. Assets
a.
Liquid Cash, Savings, Checking
b.
Other Assets Existing Life insurance, bank CDs, Investments, Retirement Accounts
Expected Insurance Need
Line 7 minus Line 8
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