| 1. Add Up Your Liabilities |
| Immediate Cash Liabilities |
| Amount needed to pay off the rest of your mortgage (include fees & taxes) |
$ |
|
| Amount required to pay off personal debts (including credit cards, personal loans, tuition loans, car loans, etc.) |
$ |
|
| Emergency reserve fund for any unexpected and immediate expenses (eg. $10,000) |
$ |
|
| Final expenses: including income taxes, probate fees, legal & accountaing fees, and funeral costs (eg. $10,000 - $20,000) |
$ |
|
| Immediate Cash Liabilities at Death |
$ |
|
| Children's Education Fund |
| Number of Children |
|
|
| Years of Education required per child |
|
yrs |
| Estimated Cost for 1 year of education per child |
$ |
|
| Total Children's Education Fund |
$ |
|
| Income Continuation Planning |
|
$ |
|
| What percentage of your current income does your family need to maintain their standard of living? |
|
% |
| How many years would you like this income stream to continue? |
|
yrs |
| How much would you expect to earn on interest if these funds were invested? |
|
% |
| How much inflation should we factor in? |
|
% |
| Total Income Continuation Provision |
$ |
|
| TOTAL LIABILITIES |
$ |
|
| |
|
|
| 2. Add Up Your Assets |
| Liquid Assets: including bank accounts, mutual funds, GIC's, stocks, bonds and cash |
$ |
|
| Existing life insurance converage |
$ |
|
| Total Current Assets |
$ |
|
| |
|
| 3. Total Current Assets |
| Total Liabilities (from above) |
$ |
|
| minus |
|
|
| Assets (from above) |
$ |
|
| Total Estimated Life Insurance Required |
$ |
|
| This is an estimated amount of your life insurance needs. Choose the nearest value to this amount in the quote screen. |
