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Loss of Life Target-Map®
Loss of Life Target-Map®

What is the Loss of Life Target-Map?

Michael Schwabe avatar
Written by Michael Schwabe
Updated over a week ago

Definition: The Loss of Life Template attempts to pre-fill standard funding requirements for the survivors of a lost household member based on the financial professional's preferences.

Default Preferences: The Loss of Life Target-Map default preferences supplies the starting point for the following funding requirements. We call funding requirements: "What you want".

  • Earned Income Replacement (of the lost member based on their Asset-Map)

  • Transitional Income Replacement

  • Debt Obligations

  • Final Expenses (Burial, last expenses, party, etc.)

  • Emergency Reserves

  • Legacy / Bequests


Helpful Tips:

  • The Target-Map assumes the Loss of Life event starts immediately (in 0.0 years).

  • Target-Map templates inform the advisor how a dollar value was calculated (a percentage based on earned income). They are part of the line item descriptions on the "What you want" page. Descriptions can be edited.

  • Some dollar values are hard-coded in the template such as Final Expenses.

  • Each requirement can be individually edited on the "What you want" page.

  • Don't settle for our default descriptions. Rename line item descriptions as desired by clicking either the Edit link or Description link.

  • Add more requirements using the Add Desired Cash Flow button on the "What you want" page.

  • Use the Start Age field only to define a one-time funding requirement at a certain age/date (instead of an annual flow of cash) on the "What you want" page.

  • Target-Maps recognize the financials relevant to the event and apply them to help fund the need. Additional funding may be applied by the advisor on the "What you have" page.

  • Double-check COLA, Start and End ages, and Loss to Tax values. Ensure they are aligned with the funding requirements and edit as needed.

  • New asset financials added to the Asset-Map will appear on a Target-Map's "What you have" page, but will not be applied to fund the need until the associated check box is checked.

  • By design, Target-Maps are independent from one another. Funding used by one Target-Map is not automatically removed from other Target-Maps.

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1/2024

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