Glossary
A coverage gap is the difference between what a household would need if a loss happened and the protection it already has in place. In life insurance it is the dollar shortfall after subtracting savings and existing policies from the total need; in other lines it is any risk left uninsured or underinsured.
Most prospects have never seen their own gap written down. They know they have a policy through work and a savings account, and they assume that is roughly enough. The gap turns that assumption into a number they can react to, which is why it is the most useful figure a producer can see before the first conversation.
In the life insurance calculator the gap is the Recommended Coverage result: income replacement, debts, final expenses and an education fund, minus the Savings & Investments and Existing Life Insurance the visitor enters. The same idea appears as the Funding Gap in the long-term care calculator and as Additional Coverage Needed in the disability calculator, and every one of those results travels with the lead.
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