Life Insurance Needs Analysis: How Much Insurance Do You Need

STEP 1: Assets and life insurance
Liquid assets (Cash on hand, GICs, RRSPs and other investments)
Other disposable assets (Rental property, cottages, farm or business assets)
Total amount of existing life insurance policies (include group insurance, personal insurance, mortgage insurance)

STEP 2: Liabilities and cash needs
Total mortgage amounts owing (Residential, commercial etc.)
Total of loans and other debts (such as bills and credit cards)
Final expenses (funeral expenses, lawyer fees, income and capital gains taxes)
Education fund (we suggest a minimum of $10,000 per child per year of schooling)
Other cash needs (emergency fund, child care, aging parents, etc.)

STEP 3: Income needed by your survivors in the event of your death
Annual income to provide for your survivors (70% of current income is often selected)
Approximate number of years income is to be provided
Annual rate of return on investments (before taxes)

What Clients Say

Real & Dorothy Duteau

LSM Insurance team was highly recommended for our insurance needs and our first meeting confirmed what we were looking for: integrity, honesty, competency and affordable products.

Also throughout the process, the LSM Insurance team kept us informed on the status of the application and was involved in clearing all obstacles. This is what we really appreciated, as his follow-up was 110%.

With this kind of service and dedication, there is no doubt that we will be with LSM Insurance for the rest of our lives.

Mario Mavrides

I have been a client of LSM Insurance for three years and have been extremely happy with his service.

Their approach is straightforward and is time friendly. It's a great feeling to know I have a first rate professional looking after my insurance and financial needs.

Arthur Balaniuk

LSM Insurance was referred to me by a close friend.

I had spoken with several insurance people prior to meeting with LSM team and I was very impressed with their straightforward approach.

I am very pleased with the plan he set up. It's easy to see why they have become so successful and I would not hesitate to refer others looking for insurance and investment solutions to LSM Insurance.

Maher and Salwa Rizkalla

We have been clients of LSM Insurance for over nine years, and we have always found LSM team very responsive to all our insurance and financial needs.

US Life Insurance Quotes available.

Posted by Chantal Marr.

Chantal Marr is a member of the Independent Financial Brokers of Canada.
Much of her success stems from her ability to listen to her clients' needs.
Read Chantal's background.

LSM Insurance has been very informative and have met all of our needs in a timely manner. I will continue to refer LSM without hesitation! (1 of 81)

Leigh-Ann Rousom Read more

One Comment

Life Insurance and Final Expenses 03/23/2009 at 1:32 pm

[...] For the purpose of this article let’s exclude big ticket items like paying off a mortgage or line of credit. For a full analysis of your insurance needs you can visit the attached link How Much Life Insurance Do You Need [...]