Needs Assessment

Do you know how much life insurance you need?

In just a few questions you can find out how much life insurance coverage
you may need based on your income and other financial responsibilities.

What is your annual income from your employer?

How many years should your life insurance provide financial support to your beneficiaries?

How much annual income do you earn from sources other than your employer?

Including from investments and other supplemental income sources.

Will your loved ones need financial assistance to pay your final expenses, such as a burial, when you pass away? If so, how much will they need?

What is your mortgage balance?

Enter the amount of any other loans, such as auto or home improvement loans, not including student debt.

Enter any additional outstanding student debt.

How much in savings and/or investments have you set aside for the future?

How much life insurance coverage do you have already?

This may include policies you previously purchased for yourself and/or that were purchased by others, such as a spouse or employer, for you.

The projected amount of new life insurance death benefit you may need to provide for your family based upon the information you have provided. It is calculated by taking the income replacement need inputs, adding the lump sum of the other needs at death inputs, and subtracting your savings/investments and existing life insurance inputs. 

This calculator is a planning tool designed to assist you in determining a possible life insurance need. The results and explanations generated by this calculator may vary due to your input and assumptions. John Hancock does not guarantee the accuracy of the calculations, results, explanations, nor applicability to your specific situation. All projections are hypothetical and we recommend you use this calculator as a guideline, only. For a more accurate and detailed analysis specific to your circumstances and needs, including the permanent or term policy type most suitable for you, contact a financial professional. 

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