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Chap 14: Needs Analysis - Coggle Diagram
Chap 14: Needs Analysis
Analyse & Evaluate financial status
What kind of methods can be used for protection goals
Quantifying needs
methods
Retirement
Replacement ratio
Expense
Protection
Needs Approach
Multiple Approach
Quantifying amount needed for dependants
Accumulation
Implement Recommendation
T&C@greateasternlife.com
Understand their needs
Gather Data
Goals
Retirement
Protection
Untimely Death
Final expenses
Funeral costs
Legal costs
Accounting costs
Estate settlement
Interim Family Income
Critical illness
Permanent Disability
Accumulation
Dependants
Life expectancy
Male:
81
Female:
85.4
Can add
8
years to life
expectancy for "years to support"
Financial income
Monthly income/expenditure
Client Objectives
Retirement Needs
Singles
50% - 60%
of pre-retirement income
Married couples
with one retiree
60% to 70%
of pre-retirement income
Develop and Present Recommendation