Insurance requirement calculator helps individuals assess how much insurance coverage they need based on their financial responsibilities, debts, and future goals. Lets Check thus calculator to estimate how much life insurance coverage one should have.
Key Factors Considered in the Calculator:
- Annual Income Replacement: The number of years your income needs to be replaced.
- Outstanding Debts: Including mortgages, loans, and credit card debt.
- Education Costs for Children: An estimate of how much you’ll need for your children’s education.
- Funeral Costs: The estimated cost of final expenses.
- Savings & Investments: Any current savings that can offset the insurance requirement.