Taking out life insurance is making one of the most important investments for you and your family, whether for the peace of mind it offers or as a tool for family financial planning. A great facilitator of this process is the possibility of carrying out a life insurance simulation beforehand.
This is an important initiative that can make it easier and safer for you when choosing coverage and insured amounts, among other things. The simulation is a simple process and you can do it as many times as you want, with the different conditions you want to simulate.
Want to know more? Continue reading and find out how a life insurance simulation is carried out in practice.
Life insurance simulation: what is it about?
Insurance premium is the amount you pay monthly when you purchase personal or property protection. In the case of life insurance, the premium varies depending on different factors specific to each policyholder, i.e. life insurance is always a highly personalized product.
In this sense, your age, profession, activities you practice and current health conditions, among others, constitute variables that guide the evaluation of your proposal. In addition to these personal aspects, the coverage you request and the insured capital are also directly involved in calculating the insurance premium.
Through the life insurance simulation, carried out online, you can evaluate different proposals in order to choose the one that best suits your reality. This way, it is possible to try different coverages, as well as check the results for different amounts of the insured capital.
Consider that in a simulation, your personal data will always be the same and here you have no variations. The variation in your choices lies in the products you can purchase, such as assistance and services , and the aforementioned insured capital and insurance coverage. There are also several types of life insurance .
How important is a life insurance simulation?
Take into account that taking out life insurance is a commitment to, among other things, guaranteeing peace of mind for you and your family through support in accident situations. Thus, the simulation will allow you to choose the most appropriate conditions that will allow you to always stay up to date.
Some aspects, however, give great importance to the simulation carried out before taking out life insurance. They are all in the interest of the contractor. Follow along!
Allows specific cases to be taken into account
This is perhaps the main practical aspect of life insurance simulation: it allows you to customize and evaluate exactly what you need. This is a precaution that must be taken into account when purchasing any type of insurance, since it is about meeting each person’s own needs.
Provides forecasts based on realistic values
Based on the specifics you provide, that is, the data you provide, the simulation offers a result that is completely personalized to the situation and conditions you have presented. This means you can plan with the certainty that you are operating with real values, according to what you estimated for your family.
Makes it easier to find the best value for money
Another feature that makes life insurance simulation important is the ease of finding a composition that offers the best cost-benefit ratio for you. This way, you can try out different amounts of insured capital, as well as evaluate different coverages and assistance available.
Enables easier budgeting
With the facilities offered by the simulation, you can create a budget even more easily and, therefore, adapt to your family’s financial planning. Keep in mind that life insurance is also an important tool for planning your family’s future, especially when considering an unexpected departure.
Facilitates decision making
All the aspects shown above are consolidated in decision-making, that is, in choosing the composition of your life insurance . Choosing between the different variables involved becomes much simpler, since you can evaluate how each option looks and what is the best path to follow.
How is the simulation done and what should be considered?
As you can see, the simulation program can use your personal information to create your insured profile. Therefore, the information you provide on the simulator page is important, such as your profession, monthly income, home address and health history, among others.
When you access the life insurance simulator page, a form will appear for you to fill out with personal information (your profile) and options you make about what you want to purchase. In fact, it’s all very simple!
This profile includes data relating to the coverage, assistance and services you select, in addition to the amount of the insured capital . This capital is the amount you calculated as necessary for your family to receive from the insurer in the event of a claim.
For this purpose, a good estimate can be obtained by multiplying the family’s monthly expenses by the number of months that would be covered. This would be, in principle, the insured capital to be contracted.
Then, according to your real needs, you select from the available coverages those that suit your reality. In the same way, you proceed with the choice of assistance and services offered by the insurer.
Keep in mind that any and all questions you may have at any time can be clarified with the guidance of your trusted insurance broker. In this sense, your broker is your greatest partner before and after you take out your life insurance.
As you can see, the life insurance simulation is an excellent opportunity to make your choice accurately before taking out the policy. You can select what you need appropriately, within the conditions most suited to your case and with the best cost-benefit ratio.