This worksheet will help you identify the immediate and future expenses that you may wish life insurance to cover. Also, be sure to consider who else may need life insurance in your family, farm or business. Before completing this worksheet you may want to read the fact sheet Life Insurance - The Basics . No two individual's needs are alike. Each one of us has specific obligations, wants, interests, values and goals.
Life insurance is intended to preserve and protect it.
If you have a farm or business you will need to consider whether to have one policy with your family as beneficiary, and a separate policy with the farm or business as beneficiary. Sometimes these needs are combined into a single policy. Similarly, if you or your spouse are employed and have some group life insurance coverage at work you will need to factor in these policies when considering if additional coverage is required. The answers to these questions will influence how much insurance you need. Although not a pleasant thought, it can help you better assess what your life insurance needs would be today if something were to happen to you.