US based Transamerica Brokerage has unveiled a new interactive insurance amount calculator by creating TransamericaForLife.com as a resource for consumers to help determine the life insurance coverage they need.

The website assists the consumers to decide their required type of policy to buy or how much coverage they need.

Transamerica Brokerage executive vice president and chief marketing officer Michael Babikian said most consumers find it overwhelming to calculate the total amount of life insurance needed to pay for a lifetime of expenses.

"Transamerica Brokerage offers an Income Protection Option with most of our life insurance policies, in which the benefit is deposited monthly over a period of time mirroring a paycheck rather than being paid as a lump sum," Babikian added.

"This is helpful for loved ones who may have little or no experience managing large lump sums of money."

The new technology will assist the policy owner to change their recipients and/or amounts of each lump sum or monthly payout during the policy owner’s lifetime.