How much cover do I need? Use our instant calculator!

November 17, 2016 / Shoreline Solutions / How to get a low life insurance premium?

Before we try to convince you to use our life insurance premium calculator please consider an old business lesson:

An old businessman teaches his son an important lesson on dealing with banks. He tells his son to go the banks and open a credit line when he least needs it. His son, surprised, listens to his father, goes to the bank and presents his company’s loan application. The bankers approve the loan application as the company is in very good financial shape.

The next year an economic crisis hits the company hard. The company’s financial data is much worse and the company needs the credit line money. Had the company approached the banks at this stage the credit would be much more expensive, if the company would be able to secure a credit line at all. Luckily the company had the credit line approved in advance and managed to survive the crises.

Morale:

What’s the morale of the above story? You should take out an insurance policy when you believe you least need it. Take out the policy when you are young and healthy. By doing this you will lock-in a very low premium for the entire term of the insurance policy. Furthermore, you will not have any exclusions for pre-existing conditions, as you were 100% healthy when the risks assessment was made. Next you can forget about it and hope you never need it.

We have developed a simple guide which will help you to calculate your personal life insurance needs. It is straight forward and designed to make sure you don’t forget any important areas of cover. Once you know the insurance needs a premium calculation can be made based on your age and other factors. Access the detailed life insurance premium calculator page here and learn about other uses for life insurance and how they can help you. Contact us for any questions or a personal discussion

Life insurance calculator

Each of our families faces cash needs at the time of our death. While there are several ways of saving for this contingency, life insurance is the only real solution to long–term financial needs. Life insurance is the only way to be certain immediately that funds will be there at the time they are needed.

Final Expenses, such as medical, funeral and burial costs

Education funds for your children's education costs

Debt Liquidation to pay off your mortgage and other debts

And finally the monthly income needed for your family to live on for ten years (Monthly amount multiplied by 120 months)

Total cover required

Less existing cover

Additional cover required

The above table helps you include all the common subjects of life insurance. If you already have existing life insurance in place you can deduct the existing cover to find out how much additional cover is required. If you don't have existing cover you can skip that and the total cover required will be the sum of the costs.

TALK TO OUR TEAM FOR MORE DETAIL

Simon Scotting

Marius Krooshof