What is typically excluded when assessing life insurance needs for dependents?

When assessing life insurance needs for dependents, it is common to exclude estate planning fees because these are typically not immediate needs that would arise from the death of the insured. Instead, life insurance is primarily concerned with providing for the financial wellbeing of dependents in the event of the policyholder's passing, focusing on immediate financial responsibilities and future necessities.

Ongoing income for dependents, future education costs, and funeral expenses are all critical elements that are generally included in life insurance planning. These aspects directly affect the financial stability of the surviving dependents and are essential when calculating the appropriate amount of insurance coverage. Ongoing income ensures that dependents can maintain their standard of living, future education costs prepare for children's educational needs, and funeral expenses cover the immediate financial burden associated with the death. Thus, while estate planning fees are important in a broader financial context, they do not directly relate to the immediate support needs of dependents after a loss.