Life Insurance Needs Analysis | Rattan Amol Taggar

Income

Debts

Family Needs

Assets

✓

Results

Step 1 of 4

What does your family live on?

Your income is the foundation. If it stopped tomorrow, how much would your family need to maintain their lifestyle?

Annual Income$90,000

% Family Needs100%

Years of Support10 yrs

Expected Return on Payout6%

Your income replacement need updates as you type

Step 2 of 4

What debts would your family inherit?

These need to be cleared at death so your family isn’t left with obligations they can’t handle. Enter $0 for anything that doesn’t apply.

Mortgage / Rent Obligation$400,000

Loans & Credit Cards$0

Final Expenses / Funeral$15,000

Step 3 of 4

What else does your family need?

Beyond day-to-day income, these are one-time lump sums your family may need covered. Enter $0 for anything that doesn’t apply.

Emergency Fund$20,000

Children’s Education$0

❤️ Critical Illness — If you couldn’t work for months

Monthly Mortgage / Rent$0

Monthly Loans / Credit Cards$0

Monthly Other Expenses$0

Recovery Period12 mo

Step 4 of 4

What assets & coverage do you already have?

These offset your coverage gap. Include savings, investments, and any existing life insurance policies.

Savings & Liquid Assets$0

Home Equity (non-primary)$0

Rental property, cottage or investment real estate equity

Other Assets$0

Investments, RRSP, TFSA, business value, etc.

Existing Life Insurance$0

Group / Employer Coverage$0

Note: group coverage typically ends when you leave the employer

Recommended Life Insurance Coverage

—

Estimated coverage gap based on your inputs. Subject to underwriting.

📊 Income Replacement

—

Present value of income need

🧙 Disability Benefit

—

Suggested monthly benefit (70% of income)

❤️ CI Insurance

—

Monthly commitments × recovery + medical/wellness buffers

Coverage Breakdown

Income replacement (PV)—

Debts & final expenses—

Emergency & education—

Gross need—

Less: assets & existing coverage—

▶ Coverage gap—

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ⓘ Educational only. Results are estimates based on standard industry rules of thumb and do not constitute financial, insurance, or legal advice. Actual coverage needs vary by individual. IBR Insurance and Rattan Amol Taggar accept no responsibility for decisions made based on this tool.

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Coverage Breakdown

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