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.
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.