The Life Insurance Cost Calculator used by P&C is a complete Washington that assist you to estimate your life insurance requirements and probable premiums based on your own profile, monetary position and family setup. This is a professional quality calculator that gives precise estimates of term, whole and universal life policies.
Key Features:
- Comparison of policies on several levels and under different terms.
- Family structure management of accurate needs assessment.
- Detailed coverage computation on basis of financial mandates.
- Premiums calculated by health, age-factor, gender and life style.
- Analysis of life expectancy and projection of the timeline.
- Allocation control of beneficiary management.
GETTING STARTED
The calculator screen is separated into three sections:
- Policy Selection – Select desired type and options of policies.
- Personal Information – Enter your demographic and health data.
- Coverage Calculator – Compute the amount of sufficient coverage to obtain.
Once you filled in the information at these sections, you can press the “Calculate Premium” button to get your personalized results.
PRO TIP: To get the most accurate outcome, prepare information on your income, debt, and family structure in advance.
POLICY SELECTION
The choice of policy section provides you with a chance to select the three major policies of life insurance:
| Policy Type | Description | Best For |
| Term Life | A certain amount of period covered (10-30 years) at cheaper rates | Short-term necessities, price-conscious people |
| Whole Life | Lot of life coverage with cash building feature | Lifetime need, conservative investors |
| Universal Life | Flexible lifetime coverage with adjustable premiums and cash value | Those seeking coverage and investment flexibility |
Term Length Control: Term Life policies allow you to select the term length (10, 15, 20, 25 or 30 years) using the slider. The calculator will update the premium estimations automatically according to the choice that you make.
Cash Value Options: Whole Life and Universal Life policies have the advantage of letting you:
- Exchange the option of focusing on cash value growth to focus on returns on investments.
- Choose life (or 20 years or 10 years or one-time premium payment).
PERSONAL INFORMATION
This section collects essential details about you that impact your insurance premiums:
- Age and Gender – these are the two major factors to know the basis rates.
- Health Status – Drag to the left to indicate the level of your health (1-10).
- Physical Measurements – There is height and weight to find out the BMI.
- Tobacco Use – Current use greatly affects the premiums.
- Family Health History – Biology which might influence risk assessment.
- Occupation – Some occupations are subject to greater risk.
- Risk Factors – Special activities such as aviation or extreme sports.
IMPORTANT: Be honest in the evaluation of your health. Understatement of health may lead to wrong premium estimates.
FAMILY STRUCTURE MANAGEMENT
The Family Structure section is a very strong element that can help tailor your coverage needs to the shape of your family.
Mono parental by choice.
- Click the “+ Add Family Member” button
- Enter name, relationship type, and age in the dialog
- Click “Add Member” to add them to your profile
Managing Existing Family Members
In respect to each family member, you can:
- Edit Details – Click the pencil icon to change information.
- Remove – Tap the trash icon to remove them (primary member can not be removed).
KEY INSIGHT: Adding children automatically increase the recommended education fund amount which increases your estimated coverage needs.
COVERAGE CALCULATOR
Your recommended insurance amount is calculated by Coverage Calculator using your financial obligations and goals:
Financial Inputs
- Annual Income – Your pre-tax annual income.
- Years to Replace – The number of years of income that are to be put in place to take care of dependents.
- Outstanding Debt – All mortgage, loans, credit cards and so on.
- Final Expenses – Funeral expenses and other end of life expenses.
- Education Fund – To meet the future education needs of children.
- Emergency Fund – To place excess net as contingencies.
Coverage Summary
The calculator offers a real time overview of your requirements:
- Separate accountings of each coverage element.
- Recommended cover.
- The option to increase the amount of final coverage in desirable cases.
PREMIUM ESTIMATION
In this section, important details that relate to you are shared and they are taken into account when given rates:
The system will:
- Process your personal data and selection of policies.
- Find your risk rating.
- Use actuarial rules of the industry.
- Make high-end estimates and comparative options.
NOTE: The calculation is based on advanced mathematical formulas which take into account age, health factors, type of policy, family settings and amount of coverage to be able to show realistic estimates.
RESULTS AND ANALYSIS
The results section is as follows after calculation:
Premium Estimate
- The amount of the individual monthly premiums (can change to quarterly or annual).
- Resume of coverage, term coverage and type of policy.
- The levels of risks and the policy specifications.
Multimedia Pen Analyst Methods
The output consists of four analysis tabs:
- Price Comparison – Compare the various amounts of coverage and the length of terms.
- Policy Comparison – Comparison of various types of policy side by side prescription.
- Life Events Timeline – Graph of important life and policy milestones.
- Provider Quotes – Premiums of various insurers.
Cash Value Projection (Permanent Policies Only)
To see Whole Life and Universal Life, see:
- Annual projections in the case of cash value growth.
- Premium paying scheme.
- The changes in a death benefit over time.
BENEFICIARY MANAGEMENT
The LIfe Expectancy Analysis section encompasses beneficiary management services:
Adding Beneficiaries
- Click onring happily “+ Add Beneficiary“.
- Put in the name, relationship, and beneficiary type (primary/contingent).
- First percent of allocation.
- Click the Add Beneficiary button to add the beneficiaries to your policy.
Managing Beneficiaries
- Adjust Allocations – Use – and + buttons to adjust percentages.
- Edit Details – Click the pencil icon to edit information.
- Remove – On the right hand side, you will find the trash icon, by clicking this, you will delete them.
IMPORTANT: It is automatic that the allocation of the system balances to make sure that there are 100 percent primary beneficiaries and 100 percent contingent beneficiaries.
TIPS TO ACCURATE ESTIMATOR
To facilitate the best premium estimates, do consider the following professional advice:
- Be precise with health information – The more you know about your health status the better.
- Include all family members – This would influence education funds as well as income replacement requirements.
- Account for all debts – Mortgage, auto loans, student loans and credit cards.
- Consider future expenses – Children’s schooling, taking care of ageing parents, etc.
- Compare multiple policy types – There are various policies with varied purpose.
- Review term lengths carefully – Select a term length that fits your financial responsibilities.
- Reassess periodically – Insurance needs to be re-evaluated when life changes.
EXPERT ADVICE: Important life changes, such as getting married, having a baby, buying a house or getting a promotion can all require an update of your insurance needs. Examine your insurance needs whenever a major life change occurs