Use our calculator to help you choose the correct death benefit
How much life insurance do I need? This is always a common question that we are asked. If a families principal income provider passes away, the monetary loss can be devastating. The financial well being of the dependents will be at risk. Our life insurance face amount calculator will help determine the best face amount for your specific needs. This tool is also known as a face amount calculator and also a death benefit calculator. It very simply calculates the recommended amount a life insurance a person should apply for.
The correct face amount should allow the insured's family members to go on living a normal lifestyle. The object is to purchase just the right amount of life insurance coverage. This is where the volume of life insurance will be sufficient to satisfy your financial obligations and responsibilities. This is just a calculator, so the correct amount will also have to be up to your judgement also.
Purchasing just the right amount of life insurance is very important
Purchasing too much life insurance could greatly increase the premium and you may become over insured. This life insurance needs calculator will generate a very realistic and accurate number. Choosing the correct face amount takes some planning should be properly thought out before you apply.
What is the difference between the terms Death Benefit & Face Amount?
The meaning of the words death benefit and face amount are exactly the same. I want to clarify that a face amount has the same meaning as a death benefit so you don't get confused with these two terms. It is the dollar amount the life insurance company promises to pay if the insured dies while the policy is in force. Many times you will see both of these wordings on a life insurance face amount calculator. They are also known as life insurance needs calculators.
Your recommended face amount will also depend on your budget
Choosing the correct face amount for your needs is easy. Choosing the correct face amount to fit your budget is entirely another story. Many people wait too long to purchase their coverage and this can lead to higher premiums. It is very common to see people choosing the correct dollar amount but not being able to afford what they actually need. This forces them to be under insured which in reality is still better than no coverage at all.
How much income will my family need each month?
This is one of the most common questions we are asked. The proper way to answer this question is to run some calculations on paper and use careful planning. Choosing the most logical face amount for your specific needs is going to be one of the most important decisions to make. The two main factors when choosing a death benefit is your income vs. your expenses. Everyone has a budget and you should only buy what you can comfortably afford. We normally recommend term insurance as the plan of choice. This way you can get the death benefit you need at a premium you can easily afford. Universal Life insurance is an excellent product for permanent life insurance. Whole life insurance is just too expensive to be practical on todays standards.
After you have an idea of just how much coverage you will need. Use our life insurance quoting system which can provide immediate life insurance quotes. Then you will be able to see if these numbers will fit your monthly budget or not. If your health is below average you may be in a high risk life insurance category which can increase the premiums. We use over 40 top rated life insurance companies that offer the best life insurance rates available anywhere.
Using this calculator can give you an accurate projection of what is best for you
Use our face amount calculator as much as you like to get some practical experience. The next time you ask yourself that question, how much life insurance do I need? You will have a much better understanding of how much you should apply for. Don't hesitate to call us 7 days a week with any questions you may have. Our mission is to make sure you purchase the best life insurance at the lowest premium. Take a moment to visit our about us page to learn more about us. We make purchasing life insurance quick and simple.