A valuable tool in determining the right insurance cover is the Life Insurance Quotes Calculator. This tool is helpful in many ways. It assists in the planning process and provides a realistic view of an individual or family’s financial situation and needs. It can also help an individual work with an agent, to find the right amount and type of policy to cover expenses for the family. An Honest Assessment of Financial Needs Many people don’t think about all the expenses that may need to be covered, should something happen to them. A common reason to purchase a policy is to leave some money for living expenses. This is especially true if a person wants to make sure a surviving spouse, who is not able to work or has never worked, is cared for. However, many people fail to consider expenses beyond housing. If a person has a spouse and children, those children are likely to go to college at some point. So, the individual will want to consider all the upcoming expenses, when conducting a life insurance comparison which can be done at simplefs.co.uk. Other considerations are the amount of mortgage left to pay on and costs such as home maintenance, insurance, and medical expenses. The Key Man Insurance calculator allows for all these factors to be entered. It is easy to plug in the numbers. The tool does the rest of the work and even makes suggestions on the types of cover to consider. Helps Determine the Level of Cover Needed Whether a person decides to apply for whole life, term life, or something else, it’s important to get enough coverage to meet the family’s expenses. The individual should consider all the current costs, as the policy may need to be used sooner than the individual has anticipated. School age children will require support. The mortgage may need to be covered entirely, or for several years. Sometimes, if the mortgage holder dies, the lender will require payment in full, up front. There are different solutions to take care of such a situation. Mortgage protection and term life cover may be viable options, depending on cost and the amount required. A spouse may work, which means she or he will be able to cover some expenses. However, if your income pays the mortgage and some of the other bills, it is unlikely the spouse will be able to pay everything. This should be taken into account when using the calculator. A spouse who has not worked outside the home may be able to get a job. But, being out of the workforce for many years will require starting from the bottom and working up to a higher pay scale. This is a factor that should be considered when determining the amount and type of insurance to buy. Helps Compare Different Policy Types A Life Insurance Calculator can help compare the different types of policies available. A life insurance comparison should consider how well each type of policy will meet your particular needs, given your financial situation. If much of the mortgage has been paid down, a simple term life policy might be the best option. If you still owe several thousand on the mortgage, a whole life policy, a universal policy, or mortgage protection may all be suitable solutions. Keep in mind, that mortgage protection only covers the payoff on the home and doesn’t allow for other expenses the family might incur. The life insurance comparison should consider how finances will be handled, in the event that several beneficiaries will be listed. Most term and whole life policies allow for multiple benificiaries, as long as you list the percentage each will receive. If you’re concerned about serious illness, you may also want to consider critical illness cover, which can make mortgage payments while you recover. There are many different options to consider, when buying a life policy to protect your assets and the family’s way of life. The amount needed for future tuition, medical expenses, and to cover the mortgage are some considerations. Others are the earning ability of the surving spouse and children, as well as any other outstanding debts owed, such as credit cards and automobile loans. A licensed and reputable agent can help you make the right decision in buying the right cover for you and your family.