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Life Insurance Assessment Tool

Determine how much life insurance you need to
protect your family:

Immediate Cash Needs

Final expenses including funeral expenses, probate fees, etc, we suggest $15,000 $
Mortgage: Outstanding balance $
Personal loans: Outstanding balances $
Other debts: Lines of credit, credit card balances, etc. $
Emergency savings fund: Your family may require a buffer after your death, we suggest 3 months salary $
Children's Education Fund: We suggest $15 000 per child, per year
# of children X cost per year X years of school = $
A Cash required to pay off immediate expense. $

Ongoing Financial Needs - How much income will your family need to maintain their lifestyle?

Annual income required for survivors: We suggest 70% of your current gross income. $
Number of years income is required: As a guide you may use the number of years until your children leave home or years to retirement.
B Amount required to fund additional survivor income.(Assumes 6% rate of return, 3% annual inflation, and depletion of the funds by the end of the period) $
C = (A + B) Total Funds Needed $

Current Assets - What amounts would be available on your death?

Group Life Insurance Coverage: e.g., Employer or association plan $
Personal Life Insurance Coverage: e.g., Individual term life, whole life $
Monetary Assets: e.g., Cash savings, RRSPs, GICs, TFSAs, T-bills and other investments $
D Total Funds Available $

Shortfall of Funds

E = (C - D) Short fall of funds required to provide for survivors $
FLoan Protection (Life) Coverage on your new Loan/Mortgage $
G = (E - F) Remaining Shortfall of Funds $
This tool is for information purposes only and does not constitute insurance advice. ATB Financial associates are not authorized to provide you with information or advice regarding your specific insurance needs other than for creditor insurance. If your completed analysis reveals a shortfall in your available funds, you may wish to speak to your personal insurance adviser.
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