Use Our Term Life Insurance Calculator
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The amount of life insurance you need can increase or decrease with changes in your life, such as a mortgage, promotion or job loss, marriage or divorce, and other life events. Before you buy a term life insurance policy, use our term life insurance calculator to make sure you are covered.
Our term life insurance calculator includes economic forecasting which models income growth and growth of money you put in savings. So you'll have more information when it's time to buy your term life insurance policy.
There are two main types of life insurance: term life insurance and permanent life insurance. So you have an important decision to make when you buy a term life insurance plan. Read more about the types of life insurance.
The video below answers two main life insurance questions people have: "How does it work?" and "how do I figure out how much life insurance I need?". Read the transcript. Before you buy a term life insurance policy or plan, get answers to all your questions. Our term life insurance calculator is a great place to start!
Making the decision to buy a term life insurance policy or plan should not be taken lightly. Planning for your family's financial future is an important one, so you should have all the information you need before you buy a term life insurance policy. By using the Matrix Direct term life insurance calculator, you will have a better idea of how how much coverage you and your family need before you buy a term life insurance plan.
Watch the "Miracle of Life Insurance" video.
Do you know how much you are worth to your family? Over your lifetime you will earn a fortune. That's right, a fortune. For example, if you earn $50,000 dollars per year, over 40 years you will have earned $2 million dollars.
You and your family are going to need that fortune for: monthly expenses, cars, house, vacations, college tuition, weddings, retirement and other life events.
No one likes to think about, but if you were to pass away unexpectedly, you need to make sure that your family is taken care of. The miracle of life insurance is that if something were to happen to you, you could still provide your family with the life that you dreamed of providing for them.
Here's an example of how it works:
First, you need to take a look at the amount of money that you expect to generate for your family over time. Next, factor in the income you expect to come from your spouse and other sources. Next take into account your family's anticipated expenses, such as credit card debt, vehicles, mortgages and monthly expenses.
Also keep in mind that your family's anticipated expenses are going to change over time based on life events like tuition for your first child going to college, tuition for your second child going to college. Consider that your family's expected income may also change over time based on life events such as your spouse's retirement. When we add all of this up, we arrive at the total amount of money that you expect to earn and the total amount of expenses your family expects to have over time.
If something were to happen to you, your family would need additional income to continue living the life you dreamed of providing for them. This additional income could be provided by your life insurance policy. But how much life insurance do you need, hmm? To determine how much life insurance you need today you may need to factor in the rate at which you insurance money will grow.
Your family's expenses will occur over a long period of time. Often, a life insurance policy payout is made immediately in a lump sum. Typically the proceeds are placed in a savings account that earns interest. You can reduce your anticipated need for insurance by assuming that the proceeds will grow at a higher rate over time.
Here's how it works: the life insurance policy's payout appreciates by earning interest over time while also providing your family with the income they need. Once we have factored in appreciation we come up with the total amount of life insurance that you need today. With life insurance you could provide your family with the money that they are going to need long term. In the event that something were to happen to you, life insurance could be the final love letter to your family.
By working with a life insurance specialist at Matrix Direct, you can help make sure that you have enough life insurance for your family.