![]() ![]() Our online life insurance calculator will work through these expenses with you and calculate the right amount of coverage you will need to protect your family financially should you pass away unexpectedly. Providing a lump sum to pay for these costs can save your family from having to find the money to pay for these bills. In fact, the average funeral can easily exceed $10,000. Many people are surprised to learn just how expensive funeral costs can be. Other examples include home down payments, wedding funds, and legacy amounts. For example, if you have children and would like them to attend college, you could leave a lump sum to cover their college education costs. Many people use life insurance to ensure their family's dreams are financially fulfilled. One of the many uses of life insurance is providing for your loved ones’ long term future. Term life insurance is the perfect way to replace your income, provide for childcare costs, and cover any additional day-to-day expenses.įuture Expenses (College for your children, weddings, etc.) This is especially important if you are the main income provider or a stay-at-home parent. Life insurance is a great way to cover your family’s living costs for a number of years. Living Costs (Replacement income to address your family's ongoing needs) If you have large credit card balances, a mortgage on your family home, a car loan, or any other debts that would be passed over to you family or impact their lives, you need to include it in your calculations and if you wish to leave enough money to cover these costs. To get an accurate number using our life insurance needs calculator, you’ll need to consider the following costs:Įxisting Debts (Mortgages and other debts) Without calculating your coverage requirements, it can be easy to either under or over estimate the amount of money your loved ones will need to be financially secure in your absence. To get a more accurate quote through our life insurance premium quoter you need to know your exact coverage needs. It’s quick and easy to use our insurance calculator. ![]() It is set up to ask you the right questions and help you identify existing debts, current living costs, and future expenses that you should provide coverage for. ![]() Our online term life calculator helps you think through your coverage needs. However, we recommend that you do a more diligent assessment of your needs using our life insurance needs calculator. They can even use it to pay for your funeral and burial costs, which can easily reach $10,000 or more.Īs a rule of thumb, a quick estimate for life insurance needs might be 7 to 10 times your annual income. In addition to covering basic living expenses, they can also use the money to pay off a home mortgage, retire outstanding debt, fund the kids’ college education or set aside money for unexpected expenses. Your beneficiaries can use the money however they choose.
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