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 spouses 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 3 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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This note was uploaded on 11/01/2011 for the course PERSONAL F PFP101 taught by Professor J.smith during the Fall '11 term at Lakehead.

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