Hero comes complete with a range of Risk Insurance Calculators that are designed to provide a range of advice levels to your clients.
The system considers in real-time the basic financial fundamentals of your client:
From here you can use the Advance Options to consider.
Advance Calculator
Immediate Needs-Cleanup Funds (Phase I)
Final Illness Costs (generally assumed to be your out of pocket health insurance deductible)
Estate Administration costs (generally 4 - 6% of your estate)
Burial Costs
Federal and State Estate Taxes (if any due)
Additional Legal Fees
Other Immediate Needs
Total Immediate Needs in Year 1
Immediate Debt Elimination Funds (Phase I)
Credit Card and Consumer/Installment Debt
Outstanding Car/Bike/Boat loan
Desired Mortgage Reduction or Payoff
Other Debt to Be Paid Off at Your Death
Total Debt Elimination Funds in Year 1
Immediate Spousal Transitional Funds in Year 1 for 0 Years (Phase I)
Beginning Age for Transitional Funds
Annual Living Expenses for Surviving Spouse until Completion of Education
Annual Child Care and Housekeeping Expenses until Completion per year
Additional Educational expenses during transition period per year
Annual Other Transitional Needs until Completion per year
Total amount of transitional and educational funds needed each year
Less: Spousal Income (assuming spouse continues working)
Less: Social Security Benefits
Less: Superfund Pension Benefits and Income (if App)
Total Annual Transitional Funds
Number of Years in Transition
Real Rate of Return on Investments before retirement (after taxes and inflation)
Present Value of Annuity for Immediate Transitional Funds
Dependency Expenses (family needs while children are in school and dependent on family support)
Beginning Age for Dependency
Current Household Expenses (estimated based on amount needed prior)
Additional Costs due to Education Expenses each year
Current Household Expenses (estimated as income less expenses)
Less: Spousal Income (assuming spouse continues working)
Less: Social Security Benefits
Less: Superfund Pension Benefits and Income (if App)
Total Annual Income to be Replaced Until Children are Self Supporting
Years until Dependency Expenses are needed (Years in Transition)
Inflation Rate before Retirement
Amount needed in Dependency Funds (inflation adjusted)
Years till children become self-supporting (Dependency Years less transition)
Real Rate of Return during Dependency Years
Present Value of Annuity for Dependency beginning after Transitional Period
Interest Rate on Investments
Years until Dependency Expenses are needed
Present Value of Annuity discounted back to today for Dependency Funds
Spousal Life Income (spousal needs after children are self-supporting) until Retirement (Phase III) Beginning Age for Spousal Income
Desired Spousal Income after kids are gone in today's dollars
Less: Spousal Income (assuming spouse continues working)
Less: Social Security Benefits
Less: Superfund Pension Benefits and Income (if App)
Desired Spousal Income after earnings
Years until Spousal Life Income needed
Inflation Rate before Retirement
Amount Needed in Spousal Life Income (inflation adjusted)
Real after-tax return on investments
Years that Spousal Life Income is Needed
Total Spousal Life Income Expenses Annuity Needed
Interest Rate on Investments
Years until Spousal Life Income needed
Present Value of Total Spousal Life Income Annuity discounted back to today
Retirement Income (Phase IV)
Beginning Age for Retirement
Desired Annual Income at Retirement
Additional annual income desired including health insurance costs
Total Annual income desired
Years until Retirement Income is needed
Inflation Rate before Retirement
Amount Needed Annually in Spousal Life Income (Inflation adjusted)
After-tax and after-inflation return on your investments
Number of years in retirement
Total Retirement Income Needed to Provide for Desired Retirement Income
Interest Rate on Investments before Retirement
Years until Retirement
Present Value of Total Retirement Income to Provide Desired Retirement Income
Total Funds Needed in Today's Dollars to Cover Total Needs
Assets and Insurance Available to Cover Needs
Cash from Current Insurance Policies
Retirement Savings and Investments
Other Assets
Additional Insurance Needs
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