Life Insurance Calculator

Life Insurance
December 11th, 2019

Life Insurance Calculator:

Let us find out the exact amount of life insurance cover you need:

What is the amount that you owe to your mortgage?

This is the outstanding amount balance on your mortgage amount. You can find it on your latest mortgage statement.

Enter the amount that you would like to leave for your family and children:

This amount must include an estimation of money needed to raise your children and their academic expenses. It is the amount required to fund their living until they are independent that is at least 18 years of age. You can also calculate amount required for their further studies at the university.

Do you have any other debts?

Here, you need to enter all the repayments that you make on a monthly or yearly basis. It could be loans, credit card balances or other debts that need to be repaid.

What is the amount of lump sum you want to leave?

This amount should consider all big and small expenses that are mandatory after your death. It could be funeral expense or any other financial commitments.

Do you have other life cover? Give details!

You need to give the amount of any other life cover that you have. If your employer offers ‘death in service’ cover then you need to enter the amount of that cover as well. This amount (sum of both covers) will be removed from the new cover.

So far, the total amount you suggested as a life insurance cover equals to

The need of a life insurance calculator:

This kind of a calculator helps one estimate the amount of money needed to give financial protection to the family and loved ones. It helps you decide the fund required to clear outstanding loans, mortgages and the financial needs of the family.

A thing to remember here is one need to be judicious about the amount of the insurance as you have to pay larger premiums for higher insurance amount. So, choose an amount with affordable premiums.

Figure out the amount for insurance:

Our life insurance calculator gathers some details from you including your outstanding mortgage, normal family expense, credit card balance, loans and more to figure out the amount of life insurance policy.

This will help you make a confident decision about buying the correct policy and you are sure about the amount of money you need to invest to support your family in your absence. The calculator considers your situations and finances while quoting an amount you need to invest in a life insurance plan.

User-Friendly:

We have laid a simple stepwise design to calculate the amount of a life insurance policy that befits your family. It is easy to use as you just have to enter few details.

Mind it that we will give an estimation of the policy amount and not the time period of the policy. That you need to decide on your own, normally it’s the remaining duration of your mortgage. So, if you expect to cover your mortgage within 20 years then those many years could be your policy term.

To sum up, here you have a simple life insurance calculator that helps you figure out the amount of money you need for your policy, considering all your future expenses.

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