Insurance needs

Type of needs available

Insurance needs advice is avabile either at a principal entity level (client or partner), or for a key person within a company. Insurance on a key person allows you to provide advice around succession planning and business continuity.

!To run needs analysis on a company, it is required that you create a company within the Fact Find, as well as identify a key person within that entity.

Needs methodology

If insurance needs is in scope, recommendations will be based on 1 of 2 approaches:

1: Quick needs analysis – When using this method default assumptions will be used to produce the required needs. Advisers can quickly set assumptions around debt to be cleared, additional capital required, income to replace etc.

2: Detailed needs analysis – A detailed analysis approach allows the adviser to set specific requirements into the needs model such as:
-Clear X debt.
-Fund X education.
-Replace income of X of X years.

*Additional information around insurance needs methodology is available via the PrimeSolve technical user guide.

*The needs analysis is used to project a required sum insured year by year. It is typical that the required sum insured falls over time as a client/s is projected to be able to more adequately self insure as they reach closer to retirement.