A Grading System for Evaluating Internet Life Insurance Needs Calculators

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Authors

  • Saul W. Adelman
  • Mark S. Dorfman
  • Brenda Wells

Published 2003, "A Grading System for Evaluating Internet Life Insurance Needs Calculators", Financial Services Review, 2003- pp. 239-255 Volume 12

Abstract

  • Life insurance purchase decision calculators can be found on many Web sites. These Web sites provide various forms of calculators and make calculations based on different theories. They claim to provide an accurate calculation of how much life insurance a person should purchase. This paper focuses on the factors entering into making the computations. It does not comment on the accuracy of the calculations. Eighty-nine Web sites are graded by the count of raw factors. These factors also are weighted by an "expert panel." Results indicate little difference in raw versus expert weightings of the factors. Results stress the need to follow the needs-based approach. We find much of the variation in the quality of Web site advice results from input factors. ©2003 Academy of Financial Services. All rights reserved.
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