Insurance Needs Analysis
Answer a few questions to estimate your personalized coverage needs across life, disability, and critical illness insurance.
🛡️ Life Insurance
💼 Disability
❤️ Critical Illness
Step 1 of 7
Client & Advisor Information
Let's start with some basic details. This information will appear on your personalized report.
Client Information
Partner / Spouse Information
Advisor Information
Step 2 of 7
💰 Financial Snapshot
Capture the client's current income and monthly expenses once — we'll pre-fill these values into the Life, Disability, and Critical Illness sections automatically.
Values entered here flow into later steps. Any field you edit in a later step is preserved — the Snapshot only fills values that are still empty.
A. Income All figures net / after-tax
$
= $0 / year (net) — make sure this is a monthly figure
$
= $0 / year (net)
$
= $0 / year (net) — make sure this is a monthly figure
$
= $0 / year (net)
B. Outstanding Balances Flows into Life & Critical Illness
$
$
$
$
$
$
$
C. Recurring Monthly Expenses
$
$
$
$
$
$
$
$
$
$
D. Monthly Savings Payments Counted as monthly expenses
$
$
$
$
E. Living-Expense Allocation
Shared living expenses (all of Section C except Debt Payments) can be allocated by percentage. Debt Payments and all Section D savings always count at 100% for each person, since those obligations remain fully payable. Use this when one spouse is applying alone (e.g., set 50%) or to divide costs between two applicants.
%
%
F. Household Coverage Allocation
On the Results page, the combined household coverage need (with the shared mortgage counted once) is split between the two applicants by this percentage. It defaults to each person's share of household income — adjust it to reflect debt obligations or family objectives.
%
%
Total Monthly Income
Net Monthly Income + Other Monthly Income (Section A)
$0
Total Monthly Living Expenses (C + D)
Full household total — recurring expenses + monthly savings
$0
Allocated Monthly Expenses
After applying the living-expense allocation — flows into Disability & Affordability
$0
Step 3 of 7
🛡️ Life Insurance Needs
Estimate the death benefit needed to protect your family and financial obligations.
Your life insurance need = Immediate Obligations + Income Replacement − Available Assets. Enter $0 for items that don't apply.
A. Immediate Obligations
$
$
$
$
$
B. Income Replacement Net annual × years
$
Auto-calculated as Net Monthly Income × 12. Edit in Step 2.
C. Available Assets Reduce your need
$
$
$
$
$
$
Estimated Life Insurance Need — Client
Updates as you complete the form
$0
A. Immediate Obligations
$
$
$
$
$
B. Income Replacement Net annual × years
$
Auto-calculated as Partner Net Monthly Income × 12. Edit in Step 2.
C. Available Assets Reduce your need
$
$
$
$
$
$
Estimated Life Insurance Need — Partner
Updates as you complete the form
$0
Step 4 of 7
💼 Disability Insurance Needs
Estimate the monthly benefit needed if an illness or injury prevents you from working.
The recommended monthly benefit = Monthly Living Expenses − Existing Coverage (individual + group), capped at 100% of Net Monthly Income (the disability benefit shouldn't exceed take-home pay).
Monthly Living Expenses Household — shared by both
$
$
$
$
$
$
$
Client Coverage Inputs
$
Auto-pulled from Step 2 A: Net Monthly Income + Other Monthly Income.
$
$
Estimated Monthly Disability Benefit Needed — Client
Based on expenses minus existing coverage (capped at 100% of Net Monthly Income)
$0 / mo
Partner Coverage Inputs
$
Auto-pulled from Step 2 A.
$
$
Estimated Monthly Disability Benefit Needed — Partner
Based on expenses minus existing coverage (capped at 100% of Partner Net Monthly Income)
$0 / mo
Step 5 of 7
❤️ Critical Illness Insurance Needs
Estimate the tax-free lump sum needed upon diagnosis of a covered critical illness.
CI insurance pays a tax-free lump sum on diagnosis of covered conditions (cancer, heart attack, stroke, etc.) — allowing you to focus on recovery without financial stress.
Medical & Recovery Costs
$
$
$
Auto-pulled from Net Monthly Income in Step 2.
$
$
Debt & Existing Coverage Reduces your need
$
Auto-calculated as Mortgage Balance + Other Debts from Step 2 B. To change, edit values there.
$
Estimated Critical Illness Benefit Needed — Client
Total recommended lump-sum coverage
$0
Medical & Recovery Costs
$
$
$
Auto-pulled from Partner Net Monthly Income in Step 2.
$
$
Debt & Existing Coverage Reduces your need
$
Auto-calculated as household Mortgage + Partner's Other Debts from Step 2 B.
$
Estimated Critical Illness Benefit Needed — Partner
Total recommended lump-sum coverage
$0
Step 6 of 7
📊 Monthly Affordability Summary
Review the client's proposed monthly premiums against income and expenses captured in the Financial Snapshot.
Income and monthly living expenses were captured in Step 2 · Financial Snapshot. Enter the proposed monthly insurance premium(s) below — the summary will show surplus vs. shortfall, premium as a percentage of income, debt-to-income, and the discretionary buffer remaining to support a documented suitability review.
A. Proposed Monthly Insurance Premiums
$
$
$
$
$
$
Affordability Verdict
Enter values above
Amount Left After All Expenses
$0 / mo
Total Monthly Income
$0
Living Expenses
$0
Total Insurance Premium
$0
Expenses + Premium
$0
Insurance Premium as % of Net Income
0.0%
Target: ≤ 10% · Acceptable: 10–15% · Review: > 15%
—
Debt Payments as % of Net Income
0.0%
Healthy: < 25% · Moderate: 25–40% · High: > 40%
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Discretionary Buffer After Premium
0.0%
Strong: ≥ 10% · Tight: 5–10% · Stretched: < 5%
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Compliance note: This calculator is a budgeting support tool only. It does not replace product suitability review, underwriting, Know-Your-Client (KYC) requirements, or compliance sign-off. Premium figures are illustrative and subject to final underwriting.
Step 7 of 7 — Your Personalized Report
Insurance Needs Summary
Prepared by Carte Financial Group ·
⚠️ Important Disclaimer: This tool provides estimates for educational and illustrative purposes only. Results are not a substitute for professional financial, tax, or insurance advice. Coverage needs vary by individual health, financial circumstances, and other factors. Figures are in Canadian dollars. Please consult a licensed insurance advisor at Carte Financial Group before making any coverage decisions. All calculations assume a simplified needs-based model and do not account for inflation, investment returns, or tax implications unless otherwise noted.