Protection Coverage Gap Worksheet

Assess your current protection coverage and identify gaps in your financial security

Completed by: Valued Client

💰 1. Household Income (Annual)

Your gross income:£

Partner's gross income:£

Other household income:£

Total Annual Household Income:£

🏠 2. Essential Financial Commitments

Outstanding mortgage balance:£

Other debts (loans, credit cards):£

Children's future costs (education etc.):£

Emergency fund desired:£

Funeral costs provision:£

Total Essential Commitments:£

📊 Income Replacement Calculation

Guideline: Consider 10× annual income for long-term family support, or calculate specific years needed × annual income.

Years of income replacement needed:years

Income replacement amount:£(Years × Annual Income)

🛡️ 3. Current Protection Coverage

Life Insurance

Your personal life insurance:£

Partner's personal life insurance:£

Your employer life cover:£

Partner's employer life cover:£

Other Protection

Critical illness cover:£

Income protection (monthly benefit):£/month

Employer Benefits

Employer sick pay duration:

Other employer benefits:

Total Current Life Cover:£

📈 4. Calculate Your Protection Gap

Recommended Coverage Formula:

Essential Commitments + Income Replacement Amount = Total Recommended Life Cover

Essential commitments (from page 1):£

Income replacement amount (from page 1):£

Recommended Total Life Cover:£

Current total life cover:£

Life Insurance Gap:£(Recommended - Current)

✅ 5. Priority Action Items

Areas to consider improving:

Increase life insurance coverage

Add or increase income protection

Consider critical illness cover

Review employer benefits in detail

Update will and estate planning

Notes & specific considerations:

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