November 27, 2024 - Release Notes - Life Needs Analysis Enhancements

Life Needs Analysis Enhancements

As we expand the insurance modelling capabilities in Snap (with disability and critical insurance input and needs analysis to come) we started by updating the Life Needs Analysis tool to make the inputs more intuitive and flexible. You can now select the Core Method (the calculation method you would like to use to determine the ongoing annual shortfall to cover). We've created an Income Replacement calculation in addition to the existing Expense Coverage option.

You can also customize the Inflation Rate used in the analysis and enter an Analysis Horizon (used to determine the number of years to illustrate the insurance need) that is different than the Number of Years used in the Core Method (the recurring coverage requirement) calculation.

Your existing Life Needs Analyses will not be impacted by these changes. We've expanded the functionality while maintaining all existing calculations.

We'll be making another set of enhancements to the Life Needs Analysis tool in the coming months to address other common user requests. We'll share more details on these enhancements and provide a detailed webinar to ensure you're getting the most from the tool. For a full overview of the Life Needs Analysis tool, you can review our dedicated article.

Run Scenario Button

The Run Scenario and Run buttons appear orange when a change has been made and the Planning page needs to be updated. This was done to make it more obvious that the warning banner is related to the Run Scenario button. You can click the orange Run Scenario button to recalculate the Planning page values.

If the Run Scenario button is green this means all values have been updated and there's no need to click the button.