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Needs Analysis Guides

It is a standard industry practice to have access to and to fully utilise modelling software to structure the final outcomes to recommend to clients. We firmly believe that a solid understanding of the principles of needs analysis is often not established (due to lack of training) before advisers learn to navigate their modelling software. If the principles of needs analysis are not fully understood then the fact finding process is often compromised as well. This is particularly important when considering the different products the client needs, all of which should be individually calculated as the circumstances under which each are paid dictates a separate needs analysis for each. So there are enough arguments in favour of advisers learning the 'arithmetic' involved, for us to decide to cover this within The Risk Store. Please note that business expenses insurance needs analysis is fully covered within these guides as well.

You will also be directed to other sections of the store to find helpful information on needs analysis.

Please remember that by emailing us the 'Contact Us' link at the foot of this webpage, you are welcome to raise debate about the content of these articles.

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Are You A Calculating Adviser?
Delving much more deeply into the skills of determining a client's lump sum needs, including getting the engagement right at the fact finding stage so that the base figures 'belong' to the client before you even present the final results.
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Needs Analysis Guide for Business Expenses
Needs analysis for business expenses is by its nature straightforward. Read this guide to assist your needs analysis learning
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Needs Analysis Guide for Income Protection
Needs analysis for income protection is by its nature straightforward. Read this guide to assist your needs analysis learning
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Needs Analysis Guide for Term Life / Death
Calculating term life / death needs is a practical consideration of “what happens the day after I die” and literally walking through the actual implications. These will be different for each client (and so the old assumption of 10 times salary just does not hold water). Read this guide to assist your needs analysis learning
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Needs Analysis Guide for Total & Permanent Disablement
Calculating total and permanent disablement needs is a practical consideration of “what happens the day after I know I’ll be deemed totally and permanently disabled” and literally walking through the actual implications. Read this to assist your needs analysis learning.
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Needs Analysis Guide for Trauma / Critical Illness
A client firstly must be in the frame of mind where they accept that a trauma / critical illness – the most commonly-claimed being heart attacks and cancer – will be a life-altering diagnosis and that any relief from stress at that time is a positive input into the management of that traumatic illness or injury. Read this to assist your needs analysis learning.
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Needs Analysis Guide Life Insurance Calculator
Use this template to assist your needs analysis client discussions and calculations.
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Work Out The ‘What-Ifs’ for Life Risk Insurance
A simple breakdown of the principles of needs analysis and the apparently difficult task of reaching a conclusion on recommended sums insured. Systematically works through the steps to a robust outcome. Also comes with our 'In Practice' how to use this learning in your business guide.
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