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

Lorne 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, Lorne 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 Lorne for the rest of our lives.

Mario Mavrides

I have been a client of Lorne's for 3 years and have been extremely happy with his service.

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

Arthur Balaniuk

Lorne Marr was referred to me by a close friend.

I had spoken with several insurance people prior to meeting with Lorne and I was very impressed with his straightforward approach.

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

Maher and Salwa Rizkalla

We have been clients of Lorne Marr for over 9 years, and we have always found him very responsive to all our insurance and financial needs.

More Life Insurance Canada Testimonials

One Response to “Life Insurance Needs Analysis:
How Much Insurance Do You Need”

[…] 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 […]

Life Insurance and Final Expenses thought on March 23rd, 2009 1:32 pm

Life Insurance Needs Analysis: How Much Insurance Do You Need