How Much Insurance Do I need?
Use this comprehensive needs approach insurance calculator to find out.
Before calculating the insurance amount required for you, please take a moment and recognize that anyone of us can die at any time. Remember how you felt when heard of someone young die suddenly. When you fill this excel sheet you should retain that feeling!
This calculation is pretty much commonsense. If you were die suddenly:
1) all outstanding unsecured loans should be foreclosed
2) provisions should be made for your children to finish school, enter college and marry
3) provisions should be made for all other annual expenses for your family.
The excel calculator provided here offers many options to accomplish the above. It is a comprehensive calculator and the method used is the most accurate one for estimating insurance amount. There are three options provided for estimating the insurance corpus needed to meet your family’s expenses. Choose the one which you are comfortable.
The calculator also shows what % of the corpus to invest goals 1,2 and 3 mentioned above. Whether you follow this calculator or not it is imperative you discuss with your spouse or legal heir about handling the insurance sum received. It is best to let a financial planner handle this.
Connect with us on social media
- Twitter @freefincal
- Subscribe to our Youtube Videos
- Posts feed via: Feedburner
- We are also on Google PlusandPinterest
Do check out my books
Get it now. It is also available in Kindle format.
Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You WantMy second book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at low cost! Get it or gift it to a youngearner
The ultimate guide to travel by Pranav SuryaThis is a deep dive analysis into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, how travelling slowly is better financially and psychologically with links to the web pages and hand-holding at every step. Get the pdf for ₹199 (instant download)
Free Apps for your Android PhoneAll calculators from our book, “You can be Rich Too” are now available on Google Play!
Install Financial Freedom App! (Google Play Store)
Install Freefincal Retirement Planner App! (Google Play Store)
Find out if you have enough to say "FU" to your employer (Google Play Store)