Planning is always better than the last moment hasty decisions. We always plan for vacations, special occasions,but it is also necessary to plan for the family’s future. The soul earning member of the family has to prepare for the family’s financial securityin case of his/her untimely death. And the best optionwould be investing in aninsurance-cum-investment plan.

A life insurance plan promises a pre-determined amount as the protection cover to the beneficiaries if the policy holder dies within the tenure of the plan. The amount which is given as protection cover is drawn on the basis of certaincalculations and taking the real life expenses into consideration. Life insurancepremium calculator is an important tool whichdetermines the amount of life insurance cover required for family’s financial security. The amount of the premium to be paid depends on various factors:

Lifestyle of the policy holder and the family:

The amount of the premium to be paid is based on the amount of money that will allow them to continue their lifestyle in the same way even after the loss of the bread winner of the family.  Therefore it becomes important to analyze the lifestyle habits andthe income source of your family so that your family continues to live their life in the same uninterrupted manner.  Also the life insurance premium calculator will give you an estimated cover required after takinginto the considerationhabitslike smoking, consuming alcohol etc.

Trends in the inflation rate:

The inflation rate is continuously growing and is never going to come down. Any financial planning is incomplete if you don’t take inflation into consideration. Life insurance premium calculator help you understand the effect of inflation on your premium and life insurance cover in general.

Age:

.  Your age plays a vital role in premium calculations. The premium will be lesser if you areyoung as you will be less prone to illness and more inclined towards savings.

Miscellaneous:

Besides theabove,other factors like health, working conditions, source of income, etc,are also important determinants to calculate insurance cover.