Insurance Policy does not directly factor into the plan output calculations. It is used to calculate the potential shortfall between your policy’s death benefit and your future needs.
Life Insurance Calculator
The life insurance calculator aids in determining future expenses if the client or spouse passes away unexpectedly.
Year of Death: Unexpected year of death
Insurance Needed: Sum of remaining future goals and expenses after Year of Death
In Force Policies: Death Benefit of the Insurance Policy
Difference = Insurance Needed – In Force Policy
Long Term Insurance Calculator
The long term insurance calculator aids in determining LTC costs based on current monthly expenses.
Monthly Expense %: Percentage of monthly Expenses. Once selected, click the refresh wheel
Current Monthly Cost: Calculated monthly costs based on adjusted Monthly Expense %
Cost increase %: Projected inflation of expenses
Age Entering Facility (years): Start of LTC
Years of Care Needed: Duration of LTC
Projected Monthly Expense: Value of monthly expenses at start of Age Entering Facility year
Total LTC Costs = (Projected Monthly Expense) x (Years of Care Needed)