Features on State Farm’s and USAA’s life insurance needs calculators set them apart as prospects research coverage options. Thus far in 2018, half of all adults have visited a life insurance company website to seek information online, making these resources imperative to bettering a prospect’s understanding of their coverage needs. Life insurance needs calculators allow prospects to get an estimate of their requisite coverage by providing educational context. They do so by accounting for measures like necessary income replacement, debts and final expenses. 93% of the leading firms assessed by industry tracker Life Insurance Monitor offer life insurance needs calculators, but their format, design and content vary greatly. USAA and State Farm stand out for providing additional features like animation and customizable inputs.
USAA offers complete personalization of the life insurance needs calculator inputs. While personal information such as current and retirement age is required, the firm offers a number of optional additions, including a life insurance needs estimate for a spouse. This allows prospects to ensure that the calculator takes relevant information into account, while the optional nature affords a certain level of privacy. Providing a spousal needs estimate supplies the prospect with the means to make sure their entire family is protected, preparing them for any scenario. Additionally, checkboxes in the debt input sections take into account when prospects would like to pay off their balances—upon death or the death of their spouse.
State Farm’s Life Illustrated calculator stands out with a digestible, engaging format. The tool uses animation to display inputs, providing corresponding graphics that update as prospects answer questions. For example, when they respond “yes” to whether they are married, the animated graphic changes into a gown or tuxedo and catches a spouse in its arms. As individuals have an average attention span of eight seconds, interactive features help maintain an audience. State Farm also offers the unique option to view its calculator in Spanish, expanding its pool of potential users immensely.
State Farm Life Insurance Needs Calculator Landing Page