Excel Model: Insurance Needs Analysis

TĆ­tulo: Insurance Needs Analysis

Ā DescripciĆ³n:

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This spreadsheet is designed to provide a comprehensive analysis of an individual’s insurance needs. It includes sections for general information, immediate financial needs, future financial needs, and current assets. The aim is to help determine the appropriate amount of life insurance coverage required to ensure financial security for the individual’s family.

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  • General Information:
    • Collects basic personal details such as name, age, address, company information, civil status, and estimated annual income.

  • Immediate Financial Needs:
    • Covers essential financial obligations such as mortgage balance, emergency fund, child care expenses, college fund, and extra debts.

  • Future Financial Needs:
    • Calculates the income replacement needs of the survivor, considering current income, percentage needed, less survivor pension income, and the present value of income replacement needs.

  • Current Assets:
    • Details all current assets including savings & investments, retirement savings, life insurance, other death benefits, and other available funds and assets.

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Advice/Tips:
  • General Information:
    • Ensure all personal details are up to date to provide accurate analysis.

  • Immediate Financial Needs:
    • Regularly update financial obligations to reflect any changes in your financial situation.

  • Future Financial Needs:
    • Consider both current and future income requirements to ensure the survivor’s financial security.

  • Current Assets:
    • Regularly review and update the value of your assets to maintain an accurate assessment.

Fuente: Custom Calculator

Click the following icon to open the full workbook viewer in a new tab, allowing you to easily edit and save.

Click the following icon to download the spreadsheet, allowing you to save the file on your computer along with edits.

Example of using calculator:

Detailed example of using Spreadsheet: Tasks for user to complete:

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  1. General Information Section:
    • Enter your personal details.
      • Example values:
        • Name: John Doe
        • Age: 35
        • Estimated Annual Income: $75,000

  2. Immediate Financial Needs:
    • Input values for mortgage, emergency fund, child care expenses, college fund, and extra debts.
      • Example values:
        • Mortgage: $150,000
        • Emergency Fund: $20,000
        • Child Care Expenses: $50,000
        • College Fund: $80,000
        • Extra Debts: $30,000

  3. Future Financial Needs:
    • Enter current income, percentage needed, and less survivor pension income.
      • Example values:
        • Current Income: $75,000
        • Percentage Needed: 70%
        • Less Survivor Pension Income: $15,000

  4. Current Assets:
    • Input the value of savings & investments, retirement savings, life insurance, other death benefits, and other available funds.
      • Example values:
        • Savings & Investments: $100,000
        • Retirement Savings: $50,000
        • Life Insurance: $200,000
        • Other Death Benefits: $25,000
        • Other Available Funds: $30,000

Why is interactive calculator useful:

This spreadsheet consolidates all essential information to provide a detailed analysis of insurance needs. It helps users understand the amount of coverage required to maintain their family’s financial stability in the event of their death.

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Fuente: Custom Spreadsheet

ConclusiĆ³n:

The Insurance Needs Analysis is a crucial tool for determining the appropriate amount of life insurance coverage required. By providing a detailed and organized approach to assessing financial needs and current assets, it helps users ensure their family’s financial stability and security. Regular updates and reviews ensure that the analysis remains accurate and aligned with current financial conditions.

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