Whole Life Insurance Calculator If you have loved ones who count on you to care for them, you should carry life insurance. But, how much do you need? Based on your answers to the following questions, we’ll provide you with an estimate of how much life insurance coverage would be best for your situation.
Whole Life Insurance Calculator – Simply enter the following information and let our calculator determine how much life insurance you need to protect your family and your financial future.
Whole Life Insurance Calculator FAQs
Choose Your Gender:
Choose your gender that you are a Male or Female
What is Your Monthly Income?
This is how much you earn from your job every month. In general, people with a large monthly income will need less life insurance coverage than someone who has a small income. For example, $500 per month would be more than enough for a lot of people.
However, it may not be enough for others depending on their unique situation and how much debt they have. Try to give an approximate value that you would consider a bare minimum and any other amount that you could see yourself living with comfort as well if something were to happen.
Whole Life Insurance Calculator – Remember: You’re probably going to live longer than average so don’t go below what you can afford!
What Is Your Expected Age At Retirement?
25 years old 35 years old 45 years old 55 years old 65 years old 75 years old 85 years old Other: In which industry do you work? _____% Law Enforcement _____% Retail Industry _____% Restaurant Industry _____% Construction / Building Materials Industry _____% Private Sector (Non-Profit) Other: How much does your spouse make in income per year?
$0–$25,000 $25,001–$50,000 $50,001–$75,000 $75,001–$100,000 Over $100,000 How many kids do you have who depend on you for financial support/child care expenses?
What Is The Average Cost Of A Funeral In Your Country?
Whole Life Insurance Calculator – A funeral costs an average of $7,000 in the United States. Other countries are dramatically less expensive, with some as low as $100.
In terms of what it will cost you to purchase a life insurance policy, however, price is a function of several factors: age, health and lifestyle choices—the most important being tobacco usage.
Whole Life Insurance Calculator – If you smoke or consume tobacco products regularly, expect to pay more for your coverage than people who don’t use tobacco.
Additionally, if you engage in other risky behaviours such as mountain climbing without proper training or regular kite surfing at high wind speeds—you get where we’re going with that.
Will There Be A Mortgage On The House After You Die?
If there is a mortgage on your house, it may be covered by life insurance. However, you must choose mortgage protection instead of your whole life for that to be true.
If you need more information about how life insurance works with a mortgage, you should consult a financial advisor or an independent source like NerdWallet. Here’s more information about mortgages and life insurance.
Should Other People Benefit From Any Personal Injury Settlement Or Wrongful Death Case After You Die?
Yes (if you plan to leave a significant amount of money in your estate) or No (if you don’t want to leave a financial legacy). If Yes, enter how much money you want to bequeath: __________. This will reduce your life insurance coverage.
Whole Life Insurance Calculator – Do You Expect To Be Dependant On Social Security Income Or Other Retirement Benefits After The Death Of A Spouse?: Yes or No.
If Yes, enter how much social security income or other retirement benefits would constitute a significant portion of your living expenses: __________. This will reduce your life insurance coverage.
Are There Any Debts That Should Be Paid Off After You Die?
Creditors aren’t likely to be very accommodating when a loved one dies and leaves behind debt. Most creditors want you to pay off debts before death. So if any debts need to be paid off, such as a mortgage or a car loan, it’s wise to do so ahead of time.
If you don’t have life insurance yet, paying off any remaining debt with your estate is an option once you have life insurance coverage in place.
However, make sure you won’t be adding new debt while living on a fixed income because that could cancel out any financial benefit from having life insurance coverage in place.
Calculate Life Insurance
Final Verdict – Whole Life Insurance Calculator
To answer that question, you need to know your family’s short-term and long-term financial goals.
Money matters tend to be emotional, which is why it can be helpful to see a professional adviser. A good place to start is a fee-only financial planner who will listen and help you map out your options.
They aren’t salespeople and won’t tell you what product to buy; instead, they’ll ask questions about your situation and goals and help you figure out where you should invest, how much life insurance coverage you should have and what sort of estate plan makes sense for your situation.
Whole Life Insurance Calculator – Consider working with an adviser who charges by the hour or retainer, so there are no hidden fees or commissions attached to their advice.
