Mel Cook Insurance.

Life Home Vehicle Farm
Rate of Return:   Inflation:


Family income required: How much will my family need to continue living with a dignified lifestyle? Tax on the income might be an issue so use a figure which is pre tax on an annual basis.
Number of years income required for:
Enough to fund dependants education: How much can I help with my childrens education costs?
Repay the mortgage or buy a house: How much is my mortgage plus any credit card and Hire Purchase debt? How much would the family need to own a freehold home?
Final expenses: Enough to cover funeral and any legal costs plus any travel costs for family living away. Include wake, headstone and incidentals.
Enough to establish an emergency fund: A lump sum investment for a cushion in emergencies. Change the family car, update appliances in the house.


Existing life cover: How much life cover, including Mortgage Protection cover, do I have?
Saleable assets: What assets do I have that wouldn't be required and could be sold if I died?


To provide for the goals and objectives in the form of a lump sum, life insurance required equals...Assumptions: We have assumed that you are able to invest funds at a real rate of return of 3.0% per year after tax and in excess of inflation at 1.5%, the equivalent of earning about 7% per year from money on deposit at a bank.

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