HOW MUCH LIFE INSURANCE IS ADEQUATE

In taking out a life insurance policy, it is important to know how much life cover is needed.
There are several factors that determine the amount of life insurance cover a person needs to purchase.

The factors to be taken into consideration include the following:

• The age of the proposed assured
• The age of the spouse
• The annual income of the proposed assured
• The annual income of the spouse
• The number of dependant children and their ages
• The estimated cost of college education for children
• Spouse desired retirement age
• The value of investment portfolio
• Balance on RSA retirement account
• Size of existing life cover
• Projected funeral and other death expenses.
• The investment rate
• The inflation rate

 These data are keyed into a life insurance calculator developed by Hillcrest Professional Services to determine the size of cover to purchase and the likely premium. To request for the Life Assurance calculator please send an email to info@hillcrestprofessionals.com