This calculator helps you estimate the amount of life insurance you need. It's designed for individuals seeking to ensure their loved ones are financially secure in the event of an untimely death.
All calculations are based on the Life Insurance Foundation's Guidelines. All calculations strictly follow the formulas and data provided by this source.
Coverage Needed: \[ \text{Total Coverage} = (\text{Annual Income} \times \text{Years of Support}) - \text{Existing Insurance} \]
For example, if your annual income is $50,000, you need support for 10 years, and you already have $100,000 in life insurance, the calculator will estimate the additional coverage you need.
Life insurance provides a financial safety net for your beneficiaries in the event of your death.
The coverage is calculated based on your annual income, the number of years you want to cover, and any existing insurance you have.
Life insurance ensures your family can maintain their standard of living and cover expenses like education and mortgage in your absence.
Consider your income, debts, future expenses, and existing savings or insurance.
Yes, it's advisable to review your insurance needs periodically and update your coverage accordingly.
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\text{Total Coverage} = (\text{Annual Income} \times \text{Years of Support}) - \text{Existing Insurance}
Coverage Needed: \[ \text{Total Coverage} = (\text{Annual Income} \times \text{Years of Support}) - \text{Existing Insurance} \]