What is your monthly salary?
This is your monthly salary from your employment. In general, people with a high monthly income will require less life Calculate Entire Life Insurance coverage than those with a low income. For example, $500 a month would be more than plenty for many people.
But, depending on their position and the amount of debt they have, it may not be enough for others. Provide an approximate sum that you would consider a bare minimum, as well as any other amount that you might imagine yourself living comfortably with if something were to happen.
Whole Life Insurance Calculator – Remember, you’re likely to live longer than the typical person, so don’t buy less than you can afford!
What Is Your Estimated Retirement Age?
25 years of age 35 years of age 45 years of age 55 years of age 65 years of age 85 years of age 75 years of age Other: What industry do you work in? _____% Police _____% Retail Industry % Private Sector _____% Restaurant Industry _____% Construction / Building Materials Industry % (Non-Profit) Other: How much does your spouse earn every year?
$0–$25,000 $25,001–$50,000 $50,001–$75,000 $75,001–$100,000 Over $100,000 How many children rely on you for financial support/child care expenses?
What Is the Average Funeral Expense in Your Country?
Calculate Entire Life Insurance – In the United States, the typical funeral costs $7,000. Some countries have far lower prices, with some as low as $100.Calculate the
Yet, the price of a life insurance policy is determined by various factors, including age, health, and lifestyle choices, the most important of which is tobacco use.
Calculate Entire Life Insurance – Expect to pay more for coverage if you smoke or use tobacco products regularly than if you don’t.
Furthermore, if you indulge in other risky behaviours, such as mountain climbing without sufficient training or regular kite surfing at high wind speeds—well, you get the idea.
Will the house have a mortgage when you die?
If you have a mortgage on your home, life insurance may cover it. To be true, though, you must choose mortgage protection for your entire life.
If you want to learn more about how life insurance works with a mortgage, go to a financial professional or an independent source like NerdWallet. Further information about mortgages and life insurance can be found here.
Should Any Personal Injury Settlement Or Wrongful Death Case Proceed to Others After You Die?
Yes (if you intend to leave a large sum of money in your inheritance) or No (if you do not wish to leave a financial legacy). If yes, enter the amount you want to leave: . This will result in a reduction in your life insurance coverage.
Do You Plan To Rely On Social Security Income Or Other Retirement Benefits After The Loss Of A Spouse?: Either yes or no.
If you answered yes, enter the amount of social security income or other retirement benefits that would cover a major percentage of your living expenses. This will result in a reduction in your life insurance coverage.
Is it necessary to pay off any debts after you die?
When a loved one dies and leaves behind debt, creditors are unlikely to be helpful. Most creditors prefer that you pay off your debts before you die. Hence, if any debts, such as a mortgage or a car loan, need to be paid off ahead of time, do so.
If you don’t have life insurance yet, paying off any outstanding debts with your estate is an option after you obtain life insurance.
But, make certain that you will not incur new debt while living on a fixed income, since this could negate any financial benefit from having life insurance coverage in place.