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Using a Detailed Needs Analysis for Insurance Coverage

Jeffrey L. Wendel

The longtime CEO of Wendel Retirement Planning, Jeffrey L. Wendel focuses on asset preservation strategies that contribute to a comfortable and secure retirement. Jeffrey L. Wendel offers all of his clients a free life insurance review to ensure that they have the policies they need to protect their families and leave a financial legacy.

Of the 60 percent of Americans with life insurance policies, roughly half are underinsured. This means that if the policyholder were to die, his/her family would not have the means to continue at their present standard of living.
To calculate the amount of life insurance coverage to sufficiently support dependent family members, individuals should undertake a detailed needs analysis that considers several factors. First, all short-term financial needs, such as burial costs, outstanding high-interest debts, and medical costs, should be estimated.
Next, families should calculate their monthly living expenses and use this number to extrapolate yearly and decade-long estimates. Lastly, future financial obligations, such as college tuition and long-term care for an aging parent, should be considered. These numbers should be reviewed after major life changes, such as marriage or a substantial raise in pay.

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