Life & Disability

Life & Disability

Needs Analysis

PLANNING WORKSHEET
Planning Facts Sample Plan Your Action Plan
  1. Annual Income   $50,000  
  2. Family’s Ongoing Income Needs (as a % of annual income)   75%  
  3. Capitalization Rate (ie. the interest your family could earn on invested insurance proceeds.)   6%
FAMILY’S IMMEDIATE CASH NEED
  4. Final Expenses   $20,000  
  5. Emergency Fund    
  6. Debt Elimination    
  7. Children’s Education   $100,000  
  8. Special Requests    
  9. Other    
  Sub-Total   $120,000  
  Less: CPP Death Benefits   -$2,500  
  10. Total Cash Need   $117,500  
FAMILY’S ONGOING INCOME NEED
  11. Family Income Need (#1 x #2)   $37,500  
  Less: CPP Survivor Pension ($414.64 x 12)   -$4,976  
  Less: CPP Orphan’s Pension ($171.33 x 12)   -$4,112  
  12. Family’s “net” Incom Need   $28,412  
  13. The Amount of Capital Necessary to Guarantee the Family’s Ongoing Income Need   $473,533  
  (#11 / #13)    
  14. Total Capital Requirement (#10 + #13)   $591,033  
  Less: Personal Life Insurance    
  Less: Group Life Insurance   -$100,000  
ESTIMATED INSURANCE SHORTFALL $491,033

CPP Facts (1999) – Surviving spouses are eligible for a maximum CPP Survivor Pension of $414.64 per month. Each dependent child is eligible for $171.33 per month. Eligibility is subject to a minimum contributory period varying from 3 – 10 years. A surviving spouse under age 35 who is not disabled and has no eligible children would not be eligible for a Survivor Pension.A spouse between 35 – 45 would be eligible for a reduced pension.

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How Much Do You Really Need?

THE 3-STEP INSURANCE ANALYSIS

  1. Write down the amount of life insurance you currently have on your life. e.g. $100,000
  2. Scratch out the last four digits. e.g. $10
  3. Double the number that is left. e.g. $10 x 2 = $20

THIS WILL BE YOUR FAMILY’S DAILY INCOME!

Within a few dollars, that’s the amount of income your present coverage will provide assuming you can earn 7.5% interest (and that’s optimistic these days) You know how much it costs just for the basics to keep a roof over your head, buy groceries, etc. let alone put anything away or your family’s future.

NOW ASK YOURSELF … DO I HAVE ENOUGH LIFE INSURANCE?

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Mortgage Insurance vs. Life Insurance

HOW SAFE IS BANK MORTGAGE INSURANCE?

With A Life Insurance Company

  • You purchase an individual policy.
  • You own the policy – you have complete control over it.
  • You have a premium rate that is guaranteed never to increase.
  • You may purchase any amount of coverage. You may add it to an existing plan.
  • You can cancel the policy. Your individual policy cannot be cancelled by the insurance company.
  • Your individual policy may be continued as long as you wish. It is fully portable.
  • You can convert this policy, regardless of health.
  • You can make a beneficiary designation. In the event of death, your beneficiary will receive the proceeds. Your beneficiary will have the choice of repaying the mortgage in full or not. Proceeds from a life insurance company are protected from all creditors (including banks).
  • You and your spouse may own an individual policy. Should you both die the proceeds are paid on both policies. If one dies then the coverage on the survivor will continue.
  • You have a number of benefits and provisions available to you with this policy.
  • You are buying from a licensed professional that can help you in making your decision.
  • Premiums are fully guaranteed

With A Bank Or Trust Company

  • The coverage is under a group policy.
  • The bank owns the policy – you have no control over it.
  • The group policy premium rate will increase at pre-specified ages.
  • The face amount of your policy can only be for the exact amount of your mortgage.
  • The policy can be cancelled by the bank / issuing company at any time.
  • The coverage will terminate upon mortgage repayment, assumption, or sale of the house.
  • The group policy is not convertible.
  • The group policy does not allow you to make beneficiary designations. In the event of death the bank is repaid automatically – not your family.
  • The group policy covering the husband and wife pays on the first death not both. The coverage on the survivor can not be continued.
  • The group policy allows no other benefits or features to be added.
  • The group policy may not offer the the benefit of a professional counselor. The bank loans officer is not a licensed life insurance agent. They may or may not be well informed on various types of coverage available.
  • Premiums are not guaranteed.

For your money saving, no-obligation quote, please complete the form below. For immediate assistance call us toll-free at 1-800-661-1518.

I am interested in receiving a call from your office regarding:

What Type of Insurance Meets My Needs

Term Life, Whole Life, Universal

Which life insurance plan meets your needs and objectives?

Permanent Life
Features Term Life Whole Life Universal Life
You have a young family and need life insurance, but you can only afford low premiums. X X X
Term provides maximum coverage for the lowest initial cost. Use maximum enhancement options where available.
You are looking to cover a temporary need such as a mortgage. X X X
You can always convert to permanent as your needs change. Use joint insured option.
You’d like to ensure that your estate goes to your heirs and not to Revenue Canada.   X X
Permanent life insurance can provide you with the money needed to pay final taxes and settlement costs.
You own a seasonal business and the cash flow is inconsistent but you need to keep your insurance policy.     X
With universal life, you can increase, decrease, skip or even stop paying premiums all together.
You’re in business with a partner and would like to ensure that you have the funds to buy that partner’s interest at death or retirement.   X X
Life insurance can guarantee both buyer and cash to buy out a partner’s interest.
You’d like to send your children to University but you need help financially.   X X
Policies can be transferred tax free to your child when ready to go to University.
You’d like to insure that when you retire there will be enough money to enjoy it.   X X

Cash values can be used to supplement your retirement income.

Coverage for Life Coverage only for a specified term. X X
More than one life can be covered under the same policy. X X X
Guaranteed Premiums X X Flexible and adjustable.
Usually for first 10 years.
Guaranteed Cash Values Not Available X Guaranteed investment returns.
Guaranteed Death Benefits X X Flexible and adjustable.
Dividens Not Available X Not Available
Term Riders & Supplementary Benefits Available X X X
Investment Options Not Available Not Available X

For your money saving, no-obligation quote, please complete the form below. For immediate assistance call us toll-free at 1-800-661-1518.

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