Comments on: Life Insurance Needs Calculator

By: UK Insurance Guide

UK Insurance Guide — Mon, 23 Feb 2009 13:57:12 +0000

This is a great tool to assist individuals to calculate what their insurance needs are. As you rightly point out this is a starting point providing you with a rough figure as to how much cover you could have. You are additionally right to point out that price is not everything. If you think about it what use is the cheapest cover if they are totally inefficient at handling your claim or indeed the worse case senario, that they do not pay it at all!

By: Atiq

Atiq — Wed, 24 Dec 2008 09:30:59 +0000

There is a lot of common points to recognise when you’re thinking of life insurance. When you’re trying to understand condition life insurance, you would like to be sure that you realize the basic principle of however these type of life insurance works. That way, you are able to be perfectly sure that you’ve decided the correct case of life insurance for you.
Also find the best quotes in the UK for life insurance and critical illness cover. We have years of experience and a wealth of adive available. Get a quote online today.
http://www.jumplifeinsurance.co.uk

By: Life Insurance India

Life Insurance India — Fri, 08 Aug 2008 07:36:50 +0000

thanks for the gr8 calculator, would certainly incorporate in my website

By: Term Life Online

Term Life Online — Tue, 26 Feb 2008 20:16:39 +0000

I agree with you regarding company reputation being more important than rates. But, customer service and any complaints filed with the Dept. of Insurance should be considered as well.

By: Larry

Larry — Tue, 08 Aug 2006 17:33:55 +0000

To ensure full disclosure, I’m a New York Life Financial Services Professional.

Your calculator is actually very strong, keeps things simple, and includes a lot of important concerns. However, I have an even simpler way to calculate the MAXIMUM amount you should purchase.

Take your annual income, multiply by the estimated remaining work years and then multiply by (1 minus your (actual Fed/State/Local tax rate + 7.5% for SSN)). An easy example is a 30 year old making $70,000 and paying $7,000 in annual taxes. ($70,000 * 35 [assuming retirement at 65] * (1-.l75)) = (2,450,000 * .825) = $2mm

This is effectively, the expected “take home” pay over the individual’s economic life. It’s not exact, but it is quick to calculate and VERY easy to understand.

Unfortunately, I have too many prospects who don’t want to go through a calculation for many different reasons. So, I’ve found this as an effective method.

By: » Weekly Blog Round-Up » Consumerism Commentary: A Blog About Personal Finance

Fri, 02 Jun 2006 18:37:45 +0000

[...] JLP from AllFinancialMatters adds the life insurance needs calculator to his growing list of financial calculators. [...]

By: Christopher,

Christopher, — Tue, 30 May 2006 21:05:21 +0000

I agree with Denise that your needs calculator is a good starting point for people. As you stated, it is important to buy quality insurance that will meet realistic needs instead of purchasing the cheapest. A consumer often won’t know their needs without speaking to a qualified agent who can help them do the right needs analysis. I work for MostChoice.com, a company that helps customers looking for life insurance find these agents (as we have a national independent agent base). We believe there is a value in consumers speaking to a few agents that represent different reputable carriers so they can make an informed decision.

Christopher from the MostChoice team.

By: Denise

Denise — Tue, 30 May 2006 14:19:25 +0000

Your life insurance needs calculator is a really great starting point for people. It’s a shame…a lot of agents simply don’t take the time to analyze people’s needs. Instead, they take the easy way out and provide a guideline of 5-10 times your income.