Life Insurance Cover Calculator - how much do I need?
How much is your life worth? This is more than a rhetorical question when buying life insurance cover. While it’s natural you would consider your life priceless, you should also look at it from the point of view of owning an asset that provides, say, $50,000 per year for the next 40 years. That totals to $2 million. If that $2 million asset was a property, you’d be crazy not to insure it but what if that asset was you? Everyone believes they are invincible and that they will be able to work indefinitely, if they so choose. Sickness, accident or even death, however, can throw things into disarray. If you or your income was suddenly out of the picture, what financial hardship would your family members find themselves in?It’s a good exercise to crunch the numbers to sum up the various yearly costs your family will face in your absence to ensure their needs are met. It's not a terribly complicated process but most people struggle with determining how much death cover they would need. CANSTAR CANNEX has simplified this exercise by creating an easy-to-use calculator that highlights some of the key elements you need to consider. Of course, you may have other items you wish to add to customise the calculator to your situation but it is a good start. It will also help you to have an amount in mind before you visit your financial planner and talk further about premiums. To help you begin this task we have made available a simple life insurance cover calculator worksheet. Download Life Insurance worksheet (PDF) Alternately, click the link below (obligation free) to leave your details and a life insurance adviser will contact you within 48 hours to discuss how much life insurance cover you may need. Life Insurance ... |
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