How much life coverage should you consider? (Interactive)

8:48 PM

Let me share my template on how to analyse life coverage needs of a person. All you have to do is fill out the blue coloured boxes and it will compute by itself.

When analysing Life Coverage, we should consider IMMEDIATE and FUTURE expenses.

Under Immediate Expenses are possible hospital bills, funeral, liabilities, and miscellaneous. These are expenses that need to be paid immediately upon untimely demise of a person. Enter an estimate for each.

Future Expenses include tuition for education if you have kids and cost of living for your dependents.

To cover Education Expenses, enter the age of the child. Then ilagay kung magkano ang CURRENT tuition fee kung saan nag aaral at san balak pagaralin yung bata. Then kung ilang taon pa ang bubunuin ng bata sa bawat antas. 

**Kung may katuwang sa pag papa-aral ng bata, hindi 100% ng tuition fee ang ilagay. Example ang tuition fee ng bata ay 100K a year, then hati ang mag-asawa sa pag papaaral ng bata, ang ilagay lang ay 50K. Just the portion needed to provide by the person taking the Protection Needs Analysis

COST of LIVING - This portion is to protect the amount of income a person is needed to provide his dependents. Ilagay yung amount na para sa gastusin lang ng pamilya at hindi kasama ang personal expenses. Next is enter the number of years to cover. This is the period given to the new breadwinner to build sources of income that will replace the income that will be lost upon demise of the breadwinner. Usually nilalagay ko lang ay 10 years pero pwede siya palitan ng mas matagal o mas maigsi.

If you have existing life insurance policies, get the total life coverage and enter it in the template..

Hope this post helps you analyze how much life coverage to consider. Just let the template compute changes you made.

Note: Template might not work on smartphones

Note: Above figures are only estimates. Actual need may vary.

For Life Insurance Quotations, please leave me a message.
Sample Analysis

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