The Cost of Insurance
Why calculate the yearly costs of insurance? Doing the math is the only real way to know how much you’ll end up paying and how much coverage you need. For example, if you need life insurance, looking at your options and your yearly costs can help you evaluate how much you need to put aside. You’ll also need to consider how much coverage you want, which in turn can lead you to discover that final burial costs may not be what you had thought. Many funeral expenses today are $15,000 or more and there may be final medical expenses and other costs for your family to consider.
Carefully considering your insurance needs now and not when you need to make a claim can help you find the right insurance for you. Looking at your yearly insurance premiums can help you ensure you set aside enough for premiums and deductibles, so there’s no surprise later. It’s an important part of long-term budgeting and planning. Use Money Help Center free calculators today to work out the numbers — our calculators are unbiased and there’s no obligation in using them.