In the needs analysis, we simply ask the question: “How much insurance coverage is needed?”
Income replacement for “X” number of years depending on how many years the insured wants to provide the amount of wages or income support to their survivors.
Future Needs Factor
The second factor includes a list of future needs that the insured wants to provide over and above their regular income. Things in this category are: funeral and burial expenses; mortgage payoff; college funding; wedding; long term care for the surviving spouse.