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Termlife Insurance Calculator

We all by now realize the importance of taking Term Life Insurance to secure our family members from financial insecurities due to death of income earning member of family.

However we have many questions like when to take it, how much cover to take.

When to take Term Life Insurance ?

Term insurance premium depends on age, gender, health conditions, annual income, smoker / non-smoker etc. Less the age, good health condition, non-smoker – less premium. More annual income – more cover is given. There is no right age to buy termlife, however it’s good to take between 35-40yrs. Consider all factors before you decide. When you know all the dependents on you.

How much cover to take ?

You need to understand your total expenses and total assets.

Total expenses are categorized into monthly recurring family expenses and one time family expenses.

Total fixed and liquid assets. Fill below figures for expenses and assets to calculate term life insurance needed by you.

Family expenses

A) Your Monthly Income:
 
B) Multiply A by the percentage of income you wish to cover(75-80% is good estimate):
 
C) Spouse monthly take home pay.If any,including any employer and provident Fund benefits :
 
D) Subtact C from B .This is roughly the monthly shortfall the surving spouse and family would face:
 
E) Multiply D by 12 to anulaize the amount:
 
F) Multiply E by the number of years the spouse and family would need the replacemnt income(goes down as your age):
Your family total expenses:

One Time Expenses

Child Wedding expenses:
 
Children's Higher education:
 
Home loan pay-off:
 
Car Loan pay-off:
 
Personal loan pay-off:
 
Other needs:
 
Monthly expenses fund:
Total Requirement :

Existing assets

Cash/Savings:
 
House (current value minus the oustanding loan):
 
Invetments(stocks,bonds,mutual funds, others.):
 
Retiremnet plans(PF,PPF,others):
 
Existing Life insurance:
 
Other assets:
Total Existing Assets :
Total Expenses:
Total Asset:
Insurance Needed:

Disclaimer: Please note that the information provided is collected from insurers online sources and other publicly available resources & which we believe to be reliable. Compare4cover doesn't warrant the accuracy, reliability & absoluteness of information provided on the website. Participation by site visitors or registered customers is on a voluntary basis. The policies are offered by various life Insurance & non-life insurance offering companies and thepolicymart.com does not seek to, either directly or indirectly, advise, offer, solicit or recommend that any person who is or proposes to become its member should purchase the Policy.