Life Insurance Cover Calculator - how much life cover do you need ?
The life insurance cover calculator is a tool to help you calculate a very important question - how much life insurance do you realistically need ?
It is a fact that many people either have too little or too much life insurance. However, what is the optimal amount of life insurance for an individual ?
Obviously this depends on individual circumstances. In the case of an individual with dependents, the amount of annual expenditure should be covered until the dependents are of an age to take care of themselves.
For individuals or couples without dependents, the need for cover regular expenditure upon death may be less, or unecessary.
Then consider outstanding debts, such as mortgages, credit cards, or other debts, such as car loans, etc. These would need to be repaid upon your death, or the repayments covered.
If you already have life insurance, then this should be factored into the calculation.
Also, you should take into account the effects of inflation and interest rates, as this will reduce the buying power of the today's income in the future, but also reduce the value of today's loans in the future.
Click on the following link for more details on the differences between the various types of life assurance
The figures projected by the calculator are only for guidance purposes, and are by no means guaranteed.
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Are you retiring soon ?
If you have any private pension plans, you are under no obligation to accept an annuity offered by your current pension provider.
In many cases you may be able to secure up to 40% more income each year by shopping around.
Click here to begin your search for a better deal.