Immediate Cash Needs
(include lawyer fees and any final taxes owing at death)
Total mortgage amount owing
(deduct any existing creditor life insurance on that mortgage)
Total loans and debts
(credit cards, lines of credit, bills)
Children education fund
(as an estimate use $10,000 to $15,000 a year per child, less any current education savings)
Emergency savings fund
(funds need to cover any unplanned events)
Ongoing Income Needs
How much annual income would your family require to continue meeting their financial obligations?
(as an estimate use 60% to 70% of your current annual income)
How many years would you family rely on this income?
(as an estimate you can use the number of years until your children become independent or the number of years to retirement)
How much cash and other liquid assets such as GICs, RRSPs and other investments that could be easily liquidated do you have?
How much do you have in other disposable asset such as rental properties, cottages or business assets?
What is the total amount of existing life insurance policies?
(include personal insurance as well as group insurance under an employee plan)