Steps to Calculate Your Life Insurance Needs

Calculate Your Life Insurance Needs

  1. Know your Family Income and Expenses – Earning – Expenses
  2. Know your Family’s one time needs – Child’s Wedding + Education, home Loan + Other expense
  3. Know your current assets – Cash + Savings + Investments + Existing Life Insurance

Your Calculation = Total Requirements (1 +2) – Existing Assets (3) = Insurance needed.

Reasons you need to increase insurance cover

  1. Your parents retire
  2. You get married
  3. You become parents
  4. You take a big loan
  5. You start a business

Circumstances when you don’t need insurance

  1. You don’t have dependents
  2. You have enough assets
  3. Your spouse earns well
  4. You have retired

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