Need-Based Approach Insurance Calculator

Published on / By M. Pattabiraman Twitter: @pattufreefincal / 19 Comments

Published: August 31, 2012 at 2:29 pm

Last Updated on January 31, 2021

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:

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    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.

     

    Download the Needs Approach Insurance Calculator

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      Pattabiraman editor freefincalDr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over nine years of experience publishing news analysis, research and financial product development. Connect with him via Twitter or Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.
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      Most investor problems can be traced to a lack of informed decision-making. We have all made bad decisions and money mistakes when we started earning and spent years undoing these mistakes. Why should our children go through the same pain? What is this book about? As parents, what would it be if we had to groom one ability in our children that is key not only to money management and investing but to any aspect of life? My answer: Sound Decision Making. So in this book, we meet Chinchu, who is about to turn 10. What he wants for his birthday and how his parents plan for it and teach him several key ideas of decision making and money management is the narrative. What readers say!
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