ilmscore | Top 5 factors that determine your Term Insurance Cover Amount | CA Rachana Ranade

Top 5 factors that determine your Term Insurance Cover Amount | CA Rachana Ranade

Published: 2024-09-20
Status: Analyzed

Predictions from this Video

Total: 3
Correct: 1
Incorrect: 0
Pending: 2
Prediction
Topic
Status
If there is a car loan of 20 lakhs, this amount should be added to the term insurance cover calculation to ensure the loan can be paid off without impacting the family's financial stability.
"just add up this 20 lakhs here [...] and then if we hit calculate you can see that the the cover is just increased exactly by the same amount of 20 lakhs"
Term Insurance Cover Calculation
Pending
When using a term insurance calculator, inflation is typically factored into the calculations, so users do not need to manually adjust for it year after year.
"you need not calculate or recalculate the cover based on inflation because that is already factored in"
Term Insurance Planning
Pending
Car loans should be considered when calculating the required term insurance cover.
"just add up this 20 lakhs here I know that here it mentions that only unsecured loans but I think we could also take something like a car loan here in consideration"
Term Insurance Cover Calculation
Correct