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Needs Analysis

Life Insurance Needs Analysis | Lamb Solutions
Life Insurance Needs Analysis
Lamb Solutions • Life • Lending • Legacy

Life Insurance Needs Analysis

Use this guided worksheet to estimate how much protection may be needed and how long that protection may be needed before discussing a specific carrier or product.

1. About You
2. Determine Your Need
3. Amount & Term
4. Review & Submit
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About You

A few basics help put the needs analysis in context. You do not have to know what type of policy you need.

Determine Your Life Insurance Need

Work through each category. The examples are simply illustrations of what may belong in the category—not recommended coverage amounts.

1

Final Expenses & Immediate Needs

Experts commonly recommend planning for approximately $20,000–$25,000 in final expenses as a starting point. This can help cover funeral or burial/cremation costs, final taxes, medical bills related to the passing, legal or estate expenses, family travel, and other immediate costs that may arise.

Planning guidance: Use the amount that best reflects your situation. The $20,000–$25,000 range is a general planning guideline, not a required amount.
2

Income Replacement

Experts commonly recommend considering approximately 4–6 times your annual income as a starting point for income replacement. The goal is to help provide dependable income for your family if your earnings are no longer available.

Planning guidance: Consider housing, utilities, food, childcare, transportation, insurance, and other normal household expenses, then choose the number of years your family may need that income to continue.
3

Mortgage Elimination

If you would want your family to remain in the home without a mortgage payment, enter the approximate payoff balance—not the market value of the home.

4

Consumer & Other Personal Debts

Add the debts you would not want left for your spouse or family, such as vehicle loans, credit cards, personal loans, lines of credit, or other personal obligations.

5

College / Education for Children

Estimate the education funding you would want available, then subtract any education savings already set aside.

6

Business Debt & Expenses in the Event of Death

If you own a business, estimate the obligations you would want covered so the business has time and resources to continue, transition, or settle responsibilities after your death.

Your Estimated Life Insurance Need

The calculator combines the six categories and then subtracts existing life insurance you already have.

FINAL EXPENSES + INCOME REPLACEMENT + MORTGAGE + PERSONAL DEBTS + EDUCATION + BUSINESS NEEDS
Total Identified Need
$0
Existing Coverage
$0
Estimated Additional Need
$0

Existing Protection

Enter life insurance that would already be available to your family. Employer coverage can be included, but it may not remain with you if employment changes.

How Long Should the Coverage Last?

Think about the longest major obligation you are protecting—your mortgage, the years your family depends on your income, or the time until your youngest dependent is financially independent.

Mortgage

Consider coverage that lasts through the remaining mortgage period if keeping the home protected is a priority.

Children / Dependents

Consider the years remaining until your youngest dependent is financially independent or through the education period you want protected.

Income Replacement

Use the number of years your household would still depend on your income.

Longer-Term Needs

Business continuity, final expenses, lifelong needs, or other long-range goals may require a different or layered approach.

Term Length to Discuss
Enter your timing needs above

This simply uses the longest time-based need entered and rounds it to a common discussion range. Final product type and term should be reviewed with a licensed insurance professional.

General Underwriting Information

This initial information can help determine which carriers may be worth considering. Detailed medical records are not requested here.

Planning disclosure: This needs analysis is designed to organize a conversation and does not constitute a quote or guarantee of coverage. Product type, coverage amount, term, premium, eligibility, and underwriting are subject to individual circumstances, carrier availability, and approval.
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