NAME	NAME
Liabilities and cash needs
Mortgage(s)	.	.
Loans and other debts	.	.
Final expenses (burial, taxes, probate, lawyer fees, etc.)	.	.
Education fund ($ x yrs. x children)	.	.
Child/Home care ($ x yrs. x dependants)	.	.
Other cash needs (emergency fund, bequests, etc.)	.	.
Total liabilities and cash needs	(a)	(a)
Amount of money needed to provide income
Gross annual income needed by family/partner (see below/how many years?)	(b)	(b)
Partner's annual employment income	(c)	(c)
Annual income shortage/surplus (b - c)	(d)	(d)
Assumed rate of return (adjust for inflation, if desired)	(e)	(e)
Amount of money needed to meet income shortage (d/e) (calculate only if d is greater than $0, if d is less than $0, enter $0)	(f)	(f)
Total amount of money required (a + f)	(g)	(g)
Assests (usable by family/partner)
Cash assets (savings, T-Bills, CSBs, etc.)	.	.
RRSP's $	ROLLOVER	ROLLOVER
Stock's, bonds or funds	.	.
Principal residence	ROLLOVER	ROLLOVER
Real estate	.	.
Total life insurance (group, personal, mortgage, credit)	.	.
Business/farm assets	.	.
CPP/QPP death benefit	.	.
Other assets (e.g. pension plan death benefit)	.	.
Total amount available	(h)	(h)
Total new amount required (i - h)	.	.

Income Objective

Single Income Family

Based on a Government Study(*), the following are typical income objectives in order to permit a family to "maintain their standard of living" after the death of an income earner. Assumption is that the mortgage on the residence is paid or that a rent fund has been established and that educational expenses are provided for separately.

Annual Gross Income	Percentage of Gross Income Required
Up to $44,000	70%
$44,001 - $49,000	66%
$49,001 - $54,000	63%
$54,001 - $60,000	60%
Over $60,000	57%

Two Income Family

A Government study has found that two-income households out-spend their one-earner counterparts. Therefore, if both spouses are presently working, 70% of their Total Gross Income should be provided regardless of the Income Level.

*Source: 1960 Bureau of Labor Statistic Consumer Expenditures Survey: updated with Bureau of Labor Statistic Consumer Price Index through August 1995, and converted to Canadian dollar values using Statistics Canada purchasing power parity data (1994).