Life Insurance Calculator
If you are looking for a free life insurance quote and would like a Life Insurance Calculator, then EFS can help you.
We have listed a link to a third party life insurance calculator at the bottom of this page, but rather than relying on a computerised Life Insurance Calculator to work out how much cover you should take out – why not speak to an EFS adviser who can offer you professional life insurance advice directly. You will get all the information and calculations you need, with professional advice and and a personal service – for free and at no obligation.
Why take out life insurance to protect your mortgage :
It is very prudent to take out and maintain life insurance if you have an existing mortgage that is not yet covered or if you are taking out a new mortgage, even if the mortgage is in your sole name. If your mortgage is in joint names and especially if you have children or other dependents who rely on your income – then life insurance becomes even more important.
The benefit of mortgage protection life insurance is that a lump sum is paid out in the event of death of the life(s) assured, which can be used to pay off your mortgage balance.
Think about it – what do you want to happen to your mortgage if you or a joint mortgage holder dies during the mortgage term? Would the surviving mortgage holder be able to afford the mortgage on their own? How would the death affect your families finances?
Life Insurance – working out how much cover you need manually
You can follow this basic process to work out the approximate amount of life insurance cover that is required in the event of your death :
::Please note as time goes on your requirements for life cover are likely to change, so a periodic review is usually necessary to ensure that you remain adequately covered.
Liabilities :
- Expected funeral costs ?
- Total Balance of Debts (Mortgage, Loans, Credit Cards etc...) ?
- Any inheritance tax liability ?
Income Required :
- Living Costs per Month (minus any spouse / partners income that will continue) ?
Existing Assets :
- Existing cover (death in service, endowment life cover etc...) ?
- Other assets that could be sold if required (eg. second property, antiques, car) ?
>> So you need a lump sum to cover the value of the liabilities minus the assets that you are happy to sell. Then you need cover to provide your required ongoing income.
Life Insurance Calculator - conclusion
Taking out life insurance is a prudent action, especially if your death would leave behind people who rely on you financially. You can either calculate the approximate amount of life covered required yourself, click the link below to visit a third party website with a life insurance calculator or complete the online enquiry form or call 0845 1800 290 to gain professional no obligation advice and quotations from an EFS adviser.
Third party life insurance calculator :
http://www.thisismoney.co.uk/life-insurance-calculator
