The Easiest Way To Calculate Life Insurance

Life insurance is something we all need to shop for at some point, even if it is not a topic we want to talk about too much. However, being prepared for any eventuality and having insurance to cover your loved ones when you are no longer around to do so is such a vital step to take.

When it comes to life insurance, you need to shop around. There are lots of options out there, from the brands offering policies to the kind of insurance plan you can take out. 

It can be difficult to work out what life insurance is the best option for you and your family when working with figures from the top of your head, but luckily there is a great tool available that can make it so much easier.

What Kinds Of Insurance Are Available?

There are two main kinds of life insurance policies that you will have to choose from, regardless of the brand or provider you choose to go through.

These are:

• Term life insurance
• Whole life insurance

The kind of life insurance policy that will be best for you and your family can differ based on the amount of money you want to spend, how much coverage you need, and how long you want the policy to last.

It can be quite difficult to work out which is the right life insurance type for you but to give you some more insight into what your options are, we are going to explain these two further.

What Is Term Life Insurance?

Term life insurance is considered to be the most basic form of policy, and it is a pure form of life insurance. 

This means that when you take out term life insurance, you will be provided with death benefit protection as standard, without any cash investment build-up. As this insurance does not require a cash or investment build-up, it is commonly the most affordable option out there.

With term life insurance, you are only paying for a certain length of time or ‘term.’ Policyholders can choose how long their term of insurance will be, whether that is as short as one year or decades-long.

What Is Whole Life Insurance?

As the name suggests, whole life insurance offers a longer policy that can provide coverage for the entirety of someone’s life.

This kind of insurance also provides death benefit protection, but it differs from term life insurance because it also offers cash build-up. 

With whole life insurance, because it is paid into over a longer length of time, the funds you put into it can grow. Usually, with this kind of insurance plan, the premium, which is how much you will pay into it over time, will be locked and should not change no matter your health status or age.

How To Find Which Is Best For Me?

Now that you understand the two options for life insurance, it is time to crunch some numbers.

The kind of life insurance plan that is best for you can differ based on a variety of factors, which can make it overwhelming to work out independently.

Luckily, there is a great whole life insurance calculator that you can use to find the right kind of policy for your needs and budget. This is a simple tool that requires some basic information to provide you with a list of both whole life and term policies to compare.

For this calculator, you will need to enter basic details such as your age, gender, and smoker status to see which policies are available to suit your needs.

The list of policies will be a combination of term and whole life from a variety of brands, giving you the options to compare based on the coverage they offer and the monthly fees.

Fast Results Makes Life Insurance Easy 

Life insurance is perhaps the most important thing you will pay for, as it offers protection and coverage to your family after death, so you want to get it right.

You can take all of the guesswork out of it by using the handy online life insurance calculator, which gives you a variety of policies to compare.