Finance

FIN2000_InsuranceLifeHealth_ws8.1.xlsx

Sheet1

Worksheet 8.1 LIFE INSURANCE NEEDS ANALYSIS METHOD
Insured’s Name					Date
Step 1: Financial resources needed after death
1. Annual living expenses and other needs:
		Period 1	Period 2	Period 3
a.	Monthly living expenses	$	$	$
b.	Net yearly income needed (a × 12)	$ - 0	$ - 0	$ - 0
c.	Number of years in time period
d.	Total living need per time period (b × c)	$ - 0	$ - 0	$ - 0
TOTAL LIVING EXPENSES (add line d for each period):						$ - 0
2. Special needs
a.	Spouse education fund					$
b.	Children’s college fund					$
c.	Other needs					$
3. Final expenses (funeral, estate costs, etc.)						$
4. Debt liquidation
a.	House mortgage	$	$	$
b.	Other loans
c.	Total debt (4 a + 4 b)					$ - 0
5. Other financial needs						$
TOTAL FINANCIAL RESOURCES NEEDED (add right column)						$ - 0
Step 2: Financial resources available after death
1. Income
		Period 1	Period 2	Period 3
a.	Annual Social Security survivor's benefits	$	$
b.	Surviving spouse’s annual income
c.	Other annual pensions and Soc. Sec. benefits
d.	Annual income	$ - 0	$ - 0	$ - 0
e.	Number of years in time period	0	0	0
f.	Total period income (d × e)	$ - 0	$ - 0	$ - 0
g. TOTAL INCOME						$ - 0
2.	Savings and investments					$
3.	Other life insurance					$
4.	Other resources					$
TOTAL FINANCIAL RESOURCES AVAILABLE (1g + 2 + 3 + 4)						$ - 0
Step 3: Additional Life Insurance needed
Step 1: Total financial resources needed						$ - 0
Step 2: Total financial resources available						$ - 0
ADDITIONAL LIFE INSURANCE NEEDED						$ - 0