Insurance Needs Analysis — LCL Financial

For your conversation with your advisor

Insurance Needs Analysis

This is a tool your LCL advisor uses live with you to estimate where coverage gaps might be.

What would be needed

Based on the DIME method — Debt, Income, Mortgage, Education.

Outstanding debtCredit cards, loans, lines of credit (excl. mortgage)

Remaining mortgage balancePayoff amount on primary residence

Annual income to replaceGross household income this person contributes

Years of income to replaceUntil kids are independent / spouse retires

Children's future educationEstimated per child, total for all children

Final expensesFuneral, legal, estate settlement costs

What's already covered

Existing life insuranceWorkplace group + personal policies

Liquid savings & investmentsFunds readily available to the family

Estimated coverage gap

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This is how much additional life insurance would close the gap, based on the figures entered.

Monthly need if unable to work

Compares essential expenses against what existing coverage would actually pay out.

Gross monthly incomeBefore tax, from employment

Essential monthly expensesHousing, food, utilities, debt payments, insurance

What's already covered

Group LTD benefit% of income covered by workplace long-term disability

Other disability coveragePersonal policies, if any (monthly benefit)

Estimated monthly shortfall

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The gap between essential monthly expenses and what existing coverage would pay if this person couldn't work.

Covered by group LTD —

Lump sum need during recovery

Covers income gap, treatment costs, and debt — without touching long-term savings.

Months of income to coverTypical recovery / reduced-income window

Monthly incomeGross income this person would be missing

Out-of-pocket treatment costsTravel, private care, treatments not covered by provincial health

Debt to clear during recoverySo payments don't compound the stress

What's already covered

Existing CI coverageWorkplace group + personal policies

Emergency fund availableLiquid savings earmarked for this

Estimated lump-sum gap

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A lump-sum critical illness payout near this amount would cover the recovery period without derailing savings.

This is an educational estimate only, not a recommendation or quote. Actual coverage needs depend on a full review of your personal situation.