Calculate your life cover with our Life Insurance Calculator
When buying life insurance, it is the first question a client asks: how much life cover should I take? In just a few easy steps, our life insurance calculator provides the answer.
Our life insurance calculator takes into account your age, gender, outstanding mortgage and debts, to calculate life insurance cover that meets your needs.
If you prefer to ring us, our Principle First team can also provide a life insurance calculation to tell you how much your cover should be.
We will provide comprehensive life insurance advice to ensure that you have the right amount of life insurance for your particular situation.
Why not use our life insurance calculator online, or let us do your life insurance calculation for you? Contact Principle First with an insurance enquiry or ring 0800 678 5929 now!
As independent financial advisers, we take the headaches out of calculating life insurance for you. We look at the whole market, unlike a tied agent in the high street who can offer only their own, limited product range.
Calculating life insurance for you
Once we have helped with your life insurance calculation, we can then give you life insurance advice on the type of policy that is perfect for you.
There are various types of life insurance, some designed to clear a mortgage debt, some designed to replace your income for your family.
For clearing a mortgage, we give life insurance quotes for ‘decreasing term insurance’. This is where cover reduces gradually,as your mortgage balance reduces over time, and the policy comes to an end at the same time as your mortgage. Because there is a good possibility that decreasing term insurance will never pay out, it is usually a relatively cheap form of insurance.
When providing for your family, ‘whole of life’ insurance cover is probably the best choice. Our life team can provide life insurance quotes for policies that will ensure continuity for your family, upon your death.
The best life insurance is written in trust
Another wise strategy is writing your life policy in trust. This removes the value of your insurance cover from your estate, thus helping protect you from a possible Inheritance Tax liability of 40%.
For couples, we recommend separate policies for both spouses, so that the surviving spouse is still insured, even if the first dies.
‘Guaranteed insurability options’ are an attractive feature of some policies. These give you the flexibility to raise the value of your cover at any time.
If you are unfortunate enough to be diagnosed as having 12 months to live, ‘terminal illness cover’ means that your life policy can pay out early, to assist you in putting your affairs in order.
Review with an annual life insurance calculation
It is also wise to review your life insurance with your financial adviser at least once a year, to verify that you still have the best life insurance cover in place. As the cost of insurance has fallen of late, you may well find that a better deal has become available in the meantime.
Contact the Principle First insurance team now for your personal life insurance calculation. Make an online insurance enquiry or ring 0800 678 5929 today!
