Term life insurance calculator, as its name suggests, calculates the premium for a term life insurance. In order to know your insurance cover or premium amount, you need to feed information related to age, gender, and time-period for which you want the insurance. You may also need to enter your zip-code, as insurance companies have different policies to offer in different regions.
Some calculators also require you to estimate your expenses that you had in the past or expect in the future. You may be required to fill the amount of your college fund, your mortgage and estate taxes; you also need to fill details about your emergency fund amount and expenses on dependency. You will need to know your non-mortgage debt and you have to guess you funeral cost estimation, too. The calculator will decide your estimated insurance policy amount and the annual amount of the premium that you need to pay to your life insurance company.
