These are unprecedented times we are living in and there are no guarantees as to how life will pan out. The 2nd wave of the Coronavirus pandemic presently plaguing the country has compounded this fact. Availability of financial security at this moment in time is a prudent move as it provides you and your family with a layer of protection. Term insurance is one such form of financial protection one can consider for securing their family financially.
What is a Term Insurance Calculator?
Term insurance works on the understanding that those seeking to be insured pay a premium for a specified period of time and are then entitled to financial coverage or life cover for this time. Should they die within this time frame, their nominees/beneficiaries are paid a death benefit by the insurance company from which the insured person availed of this term insurance policy.
A term insurance calculator is a tool that helps individuals get a better idea of the life cover they would need to ensure that their family’s life goals are secured in their absence.
Why use a Term Insurance Calculator?
Term insurance is one of the most cost-effective forms of life insurance available in the market today. The premium that is paid by those seeking to be insured by this form of insurance isn’t always easy to calculate. It may vary from one insurance provider to the next along with the plan chosen and depends on what the insured person would want their sum assured to be.
A term insurance calculator is a free tool that is accessible to all on the internet today. It serves the following functions –
- It allows users to gain a deeper understanding of the premium required to be paid in order to avail of the desired sum assured.
- Once users have more insight on the premium expected to be paid, they may assess their life insurance coverage with greater comprehension.
- This calculator allows users to assess whether their term plan of choice is financially feasible for them and within their budget or not.
- Users may also assess whether the funds they have allocated for this investment are sufficient to provide them and their family with the amount of life coverage they seek.