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