This worksheet is the fillable version of the mortgage + bills + plans method: six blocks, one figure per line, with addition at the end. The result is an informational starting point for the conversation - not an offer and not advice: precise sizing needs your full picture - that is what the needs assessment is for.
- With pen and paper or in a spreadsheet: six blocks, roughly fifteen minutes.
- The final result: debts + income replacement + plans minus reserves and existing cover.
- Bring it with you to the consultation - the best starting point for working together.
Block 1 - Debts
- Outstanding mortgage balance: __________
- Other loans (personal, car, student): __________
- Other obligations (private loans, suretyship): __________
- A) Total debts: __________
Block 2 - Monthly shortfall
- The family's total monthly expenses (bills, food, transport, school, insurance): __________
- The monthly amount of remaining income and benefits after the loss: __________
- Monthly shortfall (expenses minus remaining income): __________
Block 3 - Years to replace
- How many years does the shortfall need to be replaced for? (guidance: how many years?): ______ years
- B) Income replacement (monthly shortfall x 12 x years): __________
Block 4 - Plans
- Remaining cost of education, per child: __________
- Other major plan that relies on income (finishing construction, start-up capital): __________
- C) Total plans: __________
Block 5 - Deductions
- Readily accessible savings, emergency fund: __________
- Amount of existing life insurance (individual + employer group): __________
- D) Total deductions: __________
Block 6 - The result
Protection need = A + B + C - D. If the result is negative or close to zero: the family's current reserves are likely to cover the risk - in that case, we say so honestly: when it's not worth it. If it's positive: this is the starting point for requesting quotes - you finalise the precise amount and structure (level or decreasing layers, terms) after comparing the quotes.
A question about your family's situation? Book a free 20-minute consultation →
