Most of you have used SNAP on the PPI Toolkit for years (also known as the Security Needs Analysis Planning applet), but now you’re ready to take your business online and you’ve logged into Toolkit Direct. Your first question may be, where’s my SNAP? Well, we’ve replaced and enhanced SNAP with the INA or Insurance Needs Analysis applet. Why the new name? Because it can do so much more.
For those of you that have never used SNAP, it’s a great tool for assessing your client’s security needs and getting a sense of how much insurance might be needed to protect them and their family. If you’ve never used it before, now is a great time to jump straight to the INA on Toolkit Direct (login required).
So, what makes the INA such an evolution? The INA goes beyond simply calculating a client’s security needs, and takes into consideration their tax liabilities, government benefits, and even future asset disposition impact. Much of this is even done for you automatically based on the information you’ve already entered for a client. The result is a far more robust and accurate assessment of your client’s total life insurance needs.
What’s more, we’ve worked to make the INA easier to use, understand, and analyze. The INA will run on any device with a web browser (even your phone!) and makes it easy for you to add as many assets, liabilities, or cash flows as your client has. And in real-time, the applet provides you with a graphical output of your client’s lifetime needs, highlighting the shortfalls that require protection. If you’re ready to dig even deeper into your client’s planning, all of the data is easily exportable to Microsoft Excel (also compatible with Google Sheets), where you can continue your own advanced analyses.
The Insurance Needs Analysis (login required) is your new best friend when assessing a client’s needs, so go give it a try today and be sure to reach out to your local PPI team if you need any assistance finding the best solution for your clients.
For a similar article on this topic, and one you can share with your clients, please read The Need for Needs-Based Planning.