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Insurance Financial Calculators
Insurance Financial Calculators
Insurance Financial Calculators

The Value of Your Future Earnings

We all understand that you cannot put a price tag on the value of human life. However, if you are a husband or wife, or father or mother, your departure would leave a financial gap that could impact the financial health of your family. One component of that difference would be the money you would earn between now and the date of your retirement. When you begin looking at how much life insurance you will need, you will want to make sure that your policy adequately replaces any earnings that your family would miss out on, up until your retirement. The present value of those earnings represents the amount you would need today to replace all of your future earnings. Of course, it is best to work with a knowledgeable financial planner to get the most accurate life insurance assessment given your particular situation and needs.

The Value of Your Future Earnings

We all understand that you cannot put a price tag on the value of human life. However, if you are a husband or wife, or father or mother, your departure would leave a financial gap that could impact the financial health of your family. One component of that difference would be the money you would earn between now and the date of your retirement. When you begin looking at how much life insurance you will need, you will want to make sure that your policy adequately replaces any earnings that your family would miss out on, up until your retirement. The present value of those earnings represents the amount you would need today to replace all of your future earnings. Of course, it is best to work with a knowledgeable financial planner to get the most accurate life insurance assessment given your particular situation and needs.

Calculate Your Life Insurance Needs

The purpose of life insurance is to replace your income at the time of your death so that the family you are leaving behind can maintain their current lifestyle. How much you need is best decided by working with a qualified financial planner. Things to analyze include your current assets, savings and investments and how much earning power will be available for supporting your family in your absence. Compare that amount to your anticipated liabilities and expenses. Moreover, don't forget to include items such as college tuition for your children or paying off your mortgage, in addition to your standard living expenses.

Calculate Your Life Insurance Needs

The purpose of life insurance is to replace your income at the time of your death so that the family you are leaving behind can maintain their current lifestyle. How much you need is best decided by working with a qualified financial planner. Things to analyze include your current assets, savings and investments and how much earning power will be available for supporting your family in your absence. Compare that amount to your anticipated liabilities and expenses. Moreover, don't forget to include items such as college tuition for your children or paying off your mortgage, in addition to your standard living expenses.

Calculate Your Disability Insurance Needs

As a parent or spouse, your most valuable financial asset may be your ability to work and earn a living. If you get injured, become disabled or suffer a severe illness and are unable to work, would you be able to maintain your current standard of living? Savings can disappear quickly, so disability insurance can provide the financial security you and your family will need if the unthinkable occurs. You will want to consider all of your monthly financial obligations and the amount of time you will be out of work in assessing your needs.

Calculate Your Disability Insurance Needs

As a parent or spouse, your most valuable financial asset may be your ability to work and earn a living. If you get injured, become disabled or suffer a severe illness and are unable to work, would you be able to maintain your current standard of living? Savings can disappear quickly, so disability insurance can provide the financial security you and your family will need if the unthinkable occurs. You will want to consider all of your monthly financial obligations and the amount of time you will be out of work in assessing your needs.

Calculate Your Long Term Care Needs

As you or a loved one, grows older, long-term care might be required if you or they can no longer perform the essential daily tasks required to take care of oneself. That might also be the case if you have a child with special needs. Long term care costs can vary widely depending on the area of the country that you live in, and the level of care required. As you prepare to meet your financial obligations, you should understand what such long-term care may potentially cost over an extended period.

Calculate Your Long Term Care Needs

As you or a loved one, grows older, long-term care might be required if you or they can no longer perform the essential daily tasks required to take care of oneself. That might also be the case if you have a child with special needs. Long term care costs can vary widely depending on the area of the country that you live in, and the level of care required. As you prepare to meet your financial obligations, you should understand what such long-term care may potentially cost over an extended period.

Save for Long Term Care

There are three fundamental ways to meet your long-term care needs. Long-term care costs can be covered by long-term care insurance of by qualifying for Medicaid. Self-insuring is typically the other option. If you are interested in going down the self-insurance path, you will need to save the appropriate amount of money to meet your long-term care needs.

Save for Long Term Care

There are three fundamental ways to meet your long-term care needs. Long-term care costs can be covered by long-term care insurance of by qualifying for Medicaid. Self-insuring is typically the other option. If you are interested in going down the self-insurance path, you will need to save the appropriate amount of money to meet your long-term care needs.

Reach Your Health Savings Account Goal

You should be saving money in an IRA or 401k to help fund your retirement years. You can also use a Health Savings Account (HSA) to boost retirement savings earmarked to cover medical expenses in retirement. Health savings accounts are not technically retirement plans, but you can make pre-tax contributions and the money deposited in your HSA will grow tax-free. Moreover, unlike Flexible Spending Accounts, you can roll over your HSA funds from one year to the next, and into retirement. You can also withdraw HSA funds at any time to pay for current qualified medical expenses. So, as you grow your HSA account balance to meet your retirement needs, you will want to consider those current medical expenses in your planning.

Reach Your Health Savings Account Goal

You should be saving money in an IRA or 401k to help fund your retirement years. You can also use a Health Savings Account (HSA) to boost retirement savings earmarked to cover medical expenses in retirement. Health savings accounts are not technically retirement plans, but you can make pre-tax contributions and the money deposited in your HSA will grow tax-free. Moreover, unlike Flexible Spending Accounts, you can roll over your HSA funds from one year to the next, and into retirement. You can also withdraw HSA funds at any time to pay for current qualified medical expenses. So, as you grow your HSA account balance to meet your retirement needs, you will want to consider those current medical expenses in your planning.

Health Savings Account or Traditional Health Plan?

Health Savings Accounts (HSA) offer an opportunity for you to build tax-free savings to pay for current and future qualified medical expenses. Used in conjunction with a High Deductible Health Plan (HDHP) a high-deductible plan may cost less overall than making monthly premium payments to a traditional health plan and making co-payments when you require medical care. If you use the HSA/HDHP method, you will pay some of the initial medical costs out of your HSA, up until you meet your HDHP deductible. A traditional health plan would pay for most of those up front, after a more modest deductible. Which method is best for you depends on your medical care needs and the HSA/HDHP and Traditional Plan options available to you.

Health Savings Account or Traditional Health Plan?

Health Savings Accounts (HSA) offer an opportunity for you to build tax-free savings to pay for current and future qualified medical expenses. Used in conjunction with a High Deductible Health Plan (HDHP) a high-deductible plan may cost less overall than making monthly premium payments to a traditional health plan and making co-payments when you require medical care. If you use the HSA/HDHP method, you will pay some of the initial medical costs out of your HSA, up until you meet your HDHP deductible. A traditional health plan would pay for most of those up front, after a more modest deductible. Which method is best for you depends on your medical care needs and the HSA/HDHP and Traditional Plan options available to you.