IFR Module 220 -- Life Insurance Coverage Assessment
Purpose: This assessment evaluates your existing life insurance coverage against your actual needs based on Maximum life insurance death benefit available, income replacement, and estate planning objectives. The goal is to ensure your family's financial security is properly protected.
Client Information
Maximum life insurance death benefit available Quick Reference
The Maximum life insurance death benefit available represents the economic value of your future earning potential -- the total income your family would lose.
Age Range
Income Multiplier
Your Maximum life insurance death benefit available Estimate
Rationale
20 - 29
30x
--
Maximum earning years ahead
30 - 39
20x
--
Peak career growth period
40 - 49
15x
--
Established career, dependents
50 - 59
10x
--
Approaching retirement
60+
1x Net Worth
--
Estate preservation focus
Your Maximum life insurance death benefit available Estimate$0
Total Current Coverage$0
Coverage Gap$0
Existing Life Insurance Policies
Policy 1
Action Steps Checklist
Increase life insurance coverage
Close the gap between current coverage and Maximum life insurance death benefit available / income replacement need
Add Waiver of Premium rider
Ensures premiums are paid if you become disabled and cannot work
Review beneficiary designations
Confirm primary and contingent beneficiaries are current and correct
Review policy ownership
Consider trust ownership to remove proceeds from taxable estate
Review dividend options
For participating whole life policies -- paid-up additions, cash, premium reduction
Review settlement options
Lump sum vs. installments vs. retained asset account for beneficiaries
Review term vs. permanent comparison
Evaluate whether converting term to permanent coverage makes sense
Review complete illustration
Request in-force illustration for permanent policies to assess performance
Schedule underwriting
Begin application process for new or additional coverage while health allows
Overall Assessment
Report Summary
$0
Estimated Maximum life insurance death benefit available
$0
Total Death Benefit
$0
Total Cash Value
$0
Annual Premiums
0
Policies Reviewed
0/9
Actions Completed
Disclaimer. Third-party product names and methodology names are the property of their respective owners. Reference does not imply endorsement or affiliation. This tool is the work product of Nate Cocco; the analysis is reviewed by Nate before any client recommendation.