Benefits of Using Term Plan Calculator
- Term life insurance calculator helps to save a lot of time
- It makes the process simple
- The results are accurate according to the figures entered at that point of time
You need to enter the following details into the term plan calculator. These details must be entered correctly as they can impact your premium amount as well as the sum assured.
Age
Age plays a vital role while purchasing a premium policy. When a person is young, they get the advantage of a higher sum assured with pocket friendly premium. So, you must always start early in order to make the most of your term plan.
Gender
According to some studies, women tend to live longer than men. This is why, your gender plays an important role in determining your premium rates. Women are usually offered a lower premium rate than men.
Occupation
The next detail that you need to enter on the term insurance calculator is your occupation. People involved in hazardous occupations might be charged a higher premium.
Other Policies
When a person has other policies the need of assured sum reduces. So, they get an opportunity to plan for a minimum sum. It is always advisable to give the details of previous policies for your results to be accurate. The policies may be with other companies or belong to other family members.
Assets
When a person has a good number of assets in their name managing finances can be slightly easier. Hence you must enter all the details of the assets you hold on the term life insurance calculator.
Liabilities
In order to lead a comfortable life, one needs certain long-term goals such as a house or a car. Most of us opt for an EMI or a loan for these needs, and that loan becomes a liability. Hence, you must use the term insurance calculator to get a clear idea on the premium and sum you would need after considering these liabilities.
A term insurance calculator is one of the handiest tools that can help you get your hands on the most suitable and cost-effective term insurance policies.
