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ws_08.1 - 1 Income a Annual CPP survivor benefits $ $ $...

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1. Annual living expenses and other needs: Insured’s Name Date Period 1 Period 2 Period 3 Step 1: Estimate the total economic resources needed a. Monthly living expenses b. Net yearly income needed (a ± 12) $ $ $ $ $ $ c. Number of years in time period $ $ $ $ d. Total living need per time period (b ± c) TOTAL LIVING EXPENSES (add line d for each period): 2. Special needs a. Spouse education fund $ c. Other needs b. Children’s college fund $ $ 3. Final expenses (funeral, estate costs, etc.) $ 4. Debt liquidation a. House mortgage $ $ $ b. Other loans c. Total debt (4 a ² 4 b) $ $ 5. Other financial needs TOTAL INCOME NEEDS (add right column) $ Step 2: Financial resources available after death
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Unformatted text preview: 1. Income a. Annual CPP survivor benefits $ $ $ Period 1 Period 2 Period 3 b. Surviving spouse’s annual income c. Other annual pensions and benefits $ $ $ $ $ $ $ $ $ $ $ $ g. TOTAL INCOME d. Annual income e. Number of years in time period f. Total period income (d ± e) 2. Savings and investments 3. Other life insurance 4. Other resources TOTAL RESOURCES AVAILABLE (1g ² 2 ² 3 ² 4) Step 3: Subtract available resources (Step 2) from the amount needed (Step 1) Step 1: Total income needs Step 2: Available resources ADDITIONAL LIFE INSURANCE NEEDED $ $ $ $ $ $ $ $ LIFE INSURANCE NEEDS ANALYSIS METHOD...
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