How to choose a term life amount ?

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PostPosted: Sat Jan 14, 2006 10:52 am   Post subject: How to choose a term life amount ?  

While buying for term life insurance should I consider the everyday expenses along with the other bills, to choose an insured amount?


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anthony12
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PostPosted: Mon Jan 16, 2006 5:45 am   Post subject: term life amount  

Hello anthony12,



Term life insurance benefits have been designed to replace the income for the dependable when the policyholder dies. One would like to make the financial plan to fund the retirement, education and so on. First determine how much income you want to replace and for how many years. Don't forget to include the yearly inflation rate as well as the conservative investment rate. Record says most of the US citizens have three years of income replacement. That is life insurance policy is bought such that the benefit amount is three times the annual earned income. If you die in three years where would you like to see your dependables? Count on the basis of that.



Hope this will help. Smile


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vagabond
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PostPosted: Mon Jan 16, 2006 7:11 am   Post subject:   

Insurance industry uses three kinds of calculatorsÂ…



Capital Needs Analysis- Provides income replacement using interest and principal.

Human life value calculator- Measures the maximum economic value of human life.

Capital Retention- Provides only the interest income without using the principal amount.



Consult with a good agent to get some well calculated value

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