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Need-Based Approach Insurance Calculator

Mutual Funds
18 Comments

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.

 

Download the Needs Approach Insurance Calculator

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Updated: August 30, 2016 — 6:44 pm

18 Comments

  1. kumarnirmalprasad

    gr8 sir your blog is best blog.

    1. pattu

      Thanks!

  2. tejaswini parnadekar

    all the calculators are very useful and very important in financial planning
    thanks for sharing with all of us.
    thanks
    tejaswini parandekar
    sanchit wealth management, pune.

    1. pattu

      Thank you very much.

  3. Anonymous

    The download link seems to be broken. But wonderful blog and extremely informative

  4. Anonymous

    I used the embedded link in the source code and pulled it but you may want to fix the link for other users. Thanks

  5. Parshwadeep

    Hi Pattu san, I am unable to see any link for calculator on the post.

    Download the Needs Approach Insurance Calculator does not seem to have any hyperlink for downloading.

    Kindly let me know how I can download the same. Thanks.

    1. pattu

      Sorry about that. I have added the link.

      1. Parshwadeep

        Thanks

  6. Pattabiraman Murari

    Sorry for replying so late. Fixed the download link. Thanks.

  7. jaimin

    thank you very much this is an eye opner that what actually i calculated amount for insurance than what i needed.

    I m 24 years old with no other burden on shoulder except earn and invest that money 😀

  8. dinesh

    very nice …make calculation much easier

  9. BangBoy

    Hi
    The link to the excel seems to be broken, says file not found?

    1. freefincal

      It is fixed now. Thanks for letting me know.

  10. SRINIVASAN

    Dear Pattu,
    Do you offer consultation services?
    Kindly repy

  11. shiva

    very useful

    1. freefincal

      Thank you.

  12. B Karthikeyan

    very helpful sheet.

Comments are closed.

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