The Financial Needs Analysis
I do a lot of insurance needs analysis planning with new clients here at InstaSure Financial. I believe it is very important for one to put things in perspective and find out what their life insurance needs really are. I do a lot of life insurance policy reviews as well and I find that most of the time people don’t have enough life insurance. Some folks don’t even have the right type of insurance to fit their needs. I also often find that many folks don’t even have a clue as to what kind of life insurance they have.

Insurance Needs Analysis Worksheet
The goal of this post is to provide you with some tools to help you determine how much life insurance you need. Here’s a life insurance needs analysis worksheet that you can download right now that will help you determine what your needs really are. Go ahead and print it out and talk it over with your spouse or significant other.

What are you goals?
Take the time to really think about what your financial needs are and determine how your spouse would be able to manage all the bills without you around. This is the fun part folks. You get to imagine that you are dead. Take out all the bills and see how things would get paid without your income coming into the household. Will your spouse or partner stay at home with the children? Or will he/she have to work and pay for daycare? Some folks want to replace their lost income while others want to make sure their loved ones are able to live the same life style they had been experiencing. That would include them continuing to live in the same home and not having to downsize due to lost income. Others might choose to change their lifestyles and get rid of the fancy cars, sell that nice house in the nice part of town, and have the children change schools and be forced to make new friends. It’s all up to you. It’s scary to think about what life will be like without you in the picture or without your partner in the picture, but we must start planning as soon as possible.

Have any of your friends passed away unexpectedly?
Do you know how many times I have picked up the newspaper and saw a friend of mine or saw someone I knew who passed away? You sit there and think, “Wow, I just saw Joe the other day with his daughter. They were in the supermarket in the ice cream section. He said his wife was back at home with the other children getting ready for his youngest son’s birthday party. I just spoke to him about a week ago. Now he’s gone.” It happens all the time folks. I can sit here and talk to you about the importance of this until I am blue in the face but it’s up to you to take action. Here is a another life insurance needs analysis calculator that you can fill out online right now that will help you get an idea of how much life insurance coverage you need. Keep in mind that these sources that I have shared with you should not replace the advice of your trusted adviser. You should consult a professional life insurance broker that can help you determine what you needs are.