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  • Term Insurance

How to Calculate Life Cover Required for a Term Plan

Life-Insurance-Calculator-300x300
  • Author

    MintWise

  • Date

    February 17, 2014

calculate term insurance coverageSo you want to buy a term insurance plan but are not sure how to calculate life insurance coverage you need?

Relax.  This is a common situation.  But rather than buying blindly, you should know how how much life insurance cover you exactly need.  Else, you may end up being under-insured or over-insured, giving your family a lot of financial pain.

A thumb rule that many advisors recommend is as follows.

  • Age 25-35 years : 15-18 times current annual income + outstanding loans
  • Age 35-45 years : 10-15 times current annual income + outstanding loans
  • Age 45-55 years : 5-10 times current annual income + outstanding loans

Term Insurance of   1 Crore with 55% Savings
@ just Rs. 5,728 / year*
DATE OF BIRTH
SMOKING / TOBACCO
Yes No
GENDER
Male Female
* for a healthy 25-yr old Non-smoker Male for 25 years.

MintWise Life Insurance Coverage Calculator
Current Monthly Expenses
(in )
Inflation
(in %)
Current Age
(in years)
Life Expectancy of Spouse
(in years)
Large Expenses
(in )
How many years from now will the Large Expense happen?
(in years)
Existing Savings
(in )
Existing Loans
(in )
Existing Life Insurance Cover
(in )
Your Life Insurance Coverage required is
 

But this is too generic – your exact requirement could be a little different.  Let me show a more accurate way to calculate life insurance coverage.  Rather than the income approach, this uses the expense approach.  The difference is that this gives you a bare minimum amount of life insurance cover you should have, rather than a range.

Note : You don’t have to pull out any documents to do this calculation.  Just do it in Excel or on a piece of paper. Or better still, use the Free Calculator given at the end of this article.

Information Required for Calculation

A = Current monthly expenses, say Rs. 20,000.  Only actual expenses, not investments and savings.  Say annual income is Rs. 7 lakhs without tax deduction.

B = Inflation.  The unavoidable, important, bad fellow.  6% is what we will assume.  But this is very sensitive.  If you increase or decrease it by even 1%, the calculation changes drastically.

C1 = Current Age in years, say 32 years.

C2 = Retirement Age, in years.  i.e. When you are expected to stop earning, say 60 years.

C = C2 – C1, i.e. No. of years to go for retirement. i.e. 60 – 32 = 28 years.

D = Large expenses you will have later in life.  e.g. Marriage expense for a child after 15 years, higher education expenses for a child after 12 years, Medical emergency fund, etc.  Remember to account for inflation.  If you have more than one child, add the expenses appropriately.  For this example, let us take a total large expenses requirement of Rs. 22,00,000.

E = Existing Savings.  Add only financial assets such as Bank balance, FD, RD, Mutual Fund, Govt. bonds, Shares, Stock options and arrive at the total.  For this example, let us take it as Rs. 14,50,000.

F = Existing Liabilities.  Add all outstanding loans.  e.g. you had taken a housing loan of Rs. 30 lakhs 6 years back, and as on date principal of Rs. 27 lakhs is still outstanding.  Include that Rs. 27 lakhs.  Similarly add auto loans, personal loans and any credit card balances.  For this example, we will take Rs. 16,75,000.

G = Existing Life Insurance Cover.  If you have already taken some life insurance earlier and the policies are still continuing, add up the life cover (Sum Assured, not the premium) of those policies and total them.  Let us assume that is Rs. 10 lakhs.

To keep the calculation simple, we are not including…

  • Fixed Assets and long-term savings such as house, car, land, etc. and jewelry – they will be needed later in physical form (your dependents will always need a house to stay) and should not enter our calculations.  Also PF, VPF, EPF, PPF, NPS and other long term investment instruments meant for post-retirement expenses are ignored – let them stay as they are, they are needed for when they are meant to be.
  • Post-retirement expenses are not included in calculations – your dependents (mainly your spouse) will need money to take care of themselves after retirement.  This will be high because of inflation.  However, this is ignored because in case death does happen, the insurance money is received immediately and it can earn good interest which can be reinvested to take care of retirement expenses later.

Calculation

Life Insurance Cover Required =  [ A x 12 x  (1- (1+B/100)^C) / (1-(1+B/100)) ] + D – E + F – G

[ 20,000 x 12 x (1 – (1.06)^28)/(1-1.06^28) ] + 22,00,000 – 14,50,000 + 16,75,000 – 8,00,000 = Rs. 1,78,71,747 i.e. Rs. 1.79 crores, or about 25 times current income in this example.

To make your calculation easy, just download the Calculator below and find out your own life insurance coverage requirement.

calculate term insurance coverage download calculator

Free Download – MintWise Life Insurance Coverage Calculator

Here’s a list of term plans available in the market today.  Choose one that suits your requirements the best.

[term_ins_hook_cta2]

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40 thoughts on “How to Calculate Life Cover Required for a Term Plan”

  1. MintWise says:
    April 25, 2014 at 3:39 PM

    1. We are sure you must have evaluated thoroughly. Please go ahead.
    2. You can attach an accident rider for up to Rs. 50 lakhs with the plan itself. Else you can buy one from a General Insurance company (slightly cheaper, but generally available for a lower protection level).

  2. MintWise says:
    April 25, 2014 at 3:39 PM

    1. We are sure you must have evaluated thoroughly. Please go ahead.
    2. You can attach an accident rider for up to Rs. 50 lakhs with the plan itself. Else you can buy one from a General Insurance company (slightly cheaper, but generally available for a lower protection level).

  3. RM says:
    April 24, 2014 at 12:59 PM

    Hi Team,

    1. I am purchasing ICICI term plan – Kindly provide your suggestion on this.
    2. Kindly suggest some good Personal Accidental Policies.

  4. RM says:
    April 24, 2014 at 12:59 PM

    Hi Team,

    1. I am purchasing ICICI term plan – Kindly provide your suggestion on this.
    2. Kindly suggest some good Personal Accidental Policies.

  5. RM says:
    April 20, 2014 at 8:16 PM

    A big thanks to you.

  6. RM says:
    April 20, 2014 at 8:16 PM

    A big thanks to you.

  7. MintWise says:
    April 20, 2014 at 7:48 PM

    Your company will not get ‘closed down’. It will most likely be bought over by another insurance company (e.g. AMP Sanmar Life Insurance was bought by Reliance Life Insurance in 2005) and you have to continue paying premiums to the new company. In case you die after that, the new company will pay your nominee.

    Hope this clarifies.

  8. MintWise says:
    April 20, 2014 at 7:48 PM

    Your company will not get ‘closed down’. It will most likely be bought over by another insurance company (e.g. AMP Sanmar was bought by Reliance Life Insurance in 2005) and you have to continue paying premiums to the new company. In case you die after that, the new company will pay your nominee.

    Hope this clarifies.

  9. RM says:
    April 20, 2014 at 6:57 PM

    Hi Team,

    Now I understood about insurance company and their policies.

    Thanks for making my concepts clear on this.

    So as per my understanding, IRDA regulating maintenance of margin of solvency.

    But still my question is not answered: What will happen to my policy if I die in 21st year. And company close their business on 20th year? Who will give 1cr to my nominee?

  10. RM says:
    April 20, 2014 at 6:57 PM

    Hi Team,

    Now I understood about insurance company and their policies.

    Thanks for making my concepts clear on this.

    So as per my understanding, IRDA regulating maintenance of margin of solvency.

    But still my question is not answered: What will happen to my policy if I die in 21st year. And company close their business on 20th year? Who will give 1cr to my nominee?

  11. MintWise says:
    April 20, 2014 at 5:15 PM

    Rahul, IRDA cannot pay to customers because unlike insurance companies, it does not collect any money from customers. It is only a regulator and it can ensure that companies are compliant on solvency norms and manage their costs and investments prudently. It is a key duty of the Regulator (check Sec 14 of IRDA Act, 1999).

    Ensuring that the solvency margin is maintained gives the confidence that chances of a company going bankrupt is low. The solvency norms are EXACTLY THE SAME for all private and Govt companies.

    The examples you quoted… Kingfisher Airlines – all those who had a ticket from this airline were able to fly, or get a refund. IPL – all those who bought an IPL ticket got to see the match, or get a refund on match cancellation. So you need to differentiate between customer interest and employee security. When you buy an insurance policy, you are acting as a customer. And while there are challenges, we feel the regulation is strong enough in India to ensure that the rights and interests of all policyholders are adequately protected.

  12. MintWise says:
    April 20, 2014 at 5:15 PM

    IRDA cannot pay to customers because unlike insurance companies, it does not collect any money from customers. It is only a regulator and it can ensure that companies are compliant on solvency norms and manage their costs and investments prudently. It is a key duty of the Regulator (check Sec 14 of IRDA Act, 1999).

    Ensuring that the solvency margin is maintained gives the confidence that chances of a company going bankrupt is low. The solvency norms are EXACTLY THE SAME for all private and Govt companies.

    Kingfisher Airlines – all those who had a ticket from this airline were able to fly or get a refund. IPL – all those who bought an IPL ticket got to see the match or get a refund on match cancellation. So you need to differentiate between customer interest and employee security. When you buy an insurance company, you are acting as a customer. And we feel the regulator is strong enough in India to ensure that the rights and interests of all policyholders is adequately protected.

  13. RM says:
    April 20, 2014 at 4:46 PM

    Hi Mintwise,

    Thanks for replying my question and for showing interest in my problem/confusion.

    Sorry to say but still my question is not answered.

    My Question: Suppose today I am purchasing a team plan of 1 cr from ICICI Pru life. After 20 Years if this ICICI close there business due to any reason (like Lehman Brothers of USA, kingfisher airlines of India),what procedure IRDA will follow to help me in that case. Kindly provide the link where IRDA has mentioned this procedure.

    If I die in 21st year of policy will IRDA give 1 cr to my nominee?

    Note: In india common people are living in fear as we cannot do anything in front of these big milliniors business mans. Simple example of Kingfisher airlines: Company supremos are in india with there other running business (Like IPL) but no indian government regulatory body is forcing them to pay salary of their employees. Kingfisher airline was also registered with Indian Aviation department of india and EPF department of india but no body helping common service class people. I cannot trust private companies in india.

    Please tell me a single place where IRDA has mentioned that they will give 1cr to nominee from the solvency ratio of that private company.

  14. RM says:
    April 20, 2014 at 4:46 PM

    Hi Mintwise,

    Thanks for replying my question and for showing interest in my problem/confusion.

    Sorry to say but still my question is not answered.

    My Question: Suppose today I am purchasing a team plan of 1 cr from ICICI Pru life. After 20 Years if this ICICI close there business due to any reason (like Lehman Brothers of USA, kingfisher airlines of India),what procedure IRDA will follow to help me in that case. Kindly provide the link where IRDA has mentioned this procedure.

    If I die in 21st year of policy will IRDA give 1 cr to my nominee?

    Note: In india common people are living in fear as we cannot do anything in front of these big milliniors business mans. Simple example of Kingfisher airlines: Company supremos are in india with there other running business (Like IPL) but no indian government regulatory body is forcing them to pay salary of their employees. Kingfisher airline was also registered with Indian Aviation department of india and EPF department of india but no body helping common service class people. I cannot trust private companies in india.

    Please tell me a single place where IRDA has mentioned that they will give 1cr to nominee from the solvency ratio of that private company.

  15. MintWise says:
    April 20, 2014 at 4:03 PM

    Points 1 & 3. Your doubt of companies going bankrupt is valid. It is not impossible, but it is a very unlikely event. Perhaps as unlikely as your bank going bankrupt thanks to the RBI. And the main reason we are saying this is our strong insurance regulator, IRDA. IRDA ensures that all companies maintain solvency margin (i.e. the margin of money kept aside to clear all liabilities if an insurance company goes bankrupt). Even if there is a catastrophic event (say a nuclear bomb in a city, God forbid), the chances of any insurance company going bankrupt is not likely because the risks are spread across the country. Also, from a financial security perspective, all investments made by insurance companies are necessarily in highly secure bonds and securities with sovereign guarantee.

    Go through the article in the link below which gives you a comprehensive view of all companies. Then take a decision that suits you – we do not recommend any specific company, we only share the facts and figures.

    https://www.mintwise.com/blog/compare-term-insurance-plans-india-2014/

    Do also go through our regulator’s website http://www.irda.gov.in which is rich in detail and transparency. It will give you the confidence you are looking for.

    Point 2. We are coming with our health insurance module shortly. You can sign up and get to know as soon as we launch it.

    In general, read the “7 Checks” articles on Term Insurance – it has all that you are looking for and more. And please reply to this if there is any further specific query.

    Hope this helps you, Rahul.

  16. MintWise says:
    April 20, 2014 at 4:03 PM

    Points 1 & 3. Your doubt of companies going bankrupt is valid. It is not impossible, but it is a very unlikely event. Perhaps as unlikely as your bank going bankrupt thanks to the RBI. And the main reason we are saying this is our strong insurance regulator, IRDA. IRDA ensures that all companies maintain solvency margin (i.e. the margin of money kept aside to clear all liabilities if an insurance company goes bankrupt). Even if there is a catastrophic event (say a nuclear bomb in a city, God forbid), the chances of any insurance company going bankrupt is not likely because the risks are spread across the country. All investments made by insurance companies are necessarily in highly secure bonds and securities with sovereign guarantee.

    Go through the article in the link below which gives you a comprehensive view of all companies. Then take a decision that suits you – we do not recommend any specific company, we only share the facts and figures.

    https://www.mintwise.com/blog/compare-term-insurance-plans-india-2014/

    Do also go through our regulator’s website http://www.irda.gov.in which is rich in detail and transparency. It will give you the confidence you are looking for.

    Point 2. We are coming with our health insurance module shortly. You can sign up and get to know as soon as we launch it.

    In general, read the “7 Checks” articles on Term Insurance – it has all that you are looking for and more. And please reply to this if there is any further specific query.

    Hope this helps you, Rahul.

  17. Rahul Mathur says:
    April 20, 2014 at 3:47 PM

    I am having 3 doubts:

    1. Suppose I purchase a Term insurance
    from any private company like HDFC or ICICI, after 15 or 20 years of
    purchase if this company shutdown their insurance business (like Lehman
    Brothers of USA) due to any loss. What will happen to my policy. I know
    that IRDA will return my premium only but if this situation occurs then
    it will be very expensive for me to purchase a new policy after 20
    years. Because of this point only I am confused between LIC and HDFC.
    Kindly guide me between LIC/HDFC/ICICI. Kindly explain me the solution
    in detail, I am ready to read 500 pages of explanation.

    2.
    Kindly suggest any good health insurance. Here again I am confused
    between LIC/Oriental/Religare because of point 1. I am married and my
    age is 30 with no pre existing disease. Also we are planning for our
    first baby. Need health insurance of 10L INR.

    3. Premiums of
    private companies are attractive but no one knows the future of these
    companies. Please help me on this point. Which indian law or IRDA rule
    cover this point.

    Please tell me one single company name for
    Term insurance and Health insurance. Please do not give me any option.
    What I need is 1 single company name.

  18. Rahul Mathur says:
    April 20, 2014 at 3:47 PM

    I am having 3 doubts:

    1. Suppose I purchase a Term insurance
    from any private company like HDFC or ICICI, after 15 or 20 years of
    purchase if this company shutdown their insurance business (like Lehman
    Brothers of USA) due to any loss. What will happen to my policy. I know
    that IRDA will return my premium only but if this situation occurs then
    it will be very expensive for me to purchase a new policy after 20
    years. Because of this point only I am confused between LIC and HDFC.
    Kindly guide me between LIC/HDFC/ICICI. Kindly explain me the solution
    in detail, I am ready to read 500 pages of explanation.

    2.
    Kindly suggest any good health insurance. Here again I am confused
    between LIC/Oriental/Religare because of point 1. I am married and my
    age is 30 with no pre existing disease. Also we are planning for our
    first baby. Need health insurance of 10L INR.

    3. Premiums of
    private companies are attractive but no one knows the future of these
    companies. Please help me on this point. Which indian law or IRDA rule
    cover this point.

    Please tell me one single company name for
    Term insurance and Health insurance. Please do not give me any option.
    What I need is 1 single company name.

  19. MintWise says:
    March 30, 2014 at 8:51 PM

    The product, the company and buying it online/offline is your decision. Go ahead with whatever you are comfortable with. We do not recommend any specific company – we only want to point out facts.

  20. MintWise says:
    March 30, 2014 at 8:51 PM

    Go ahead with whatever you are comfortable with. We do not recommend any specific company – we only want to point out facts.

  21. nj1984 says:
    March 30, 2014 at 8:48 PM

    Hi

    Again thanks very much for your useful advice. After going through your articles, I found icici the best term insuarance wrt a) claim settlement ratio b) claim process efficiency c) claim process speed.

    After this I found that for 1 cr term coverage (including accidental death of icici), annual insurance comes out to be ~15000. But there are certain terms and condition for accidental death,i.e. in which case claim can be applied and in which case claim can not be applied.

    Whereas in case of “LIC amulya jeevan ll” term cover for 1 cr, and in case of any UNFORTUNATE death (i.e. due to any cause), total sum will be assured to nominee. Hence, I choose LIC.
    But still, if I am missing some points which can alter my decision then it is welcome.

    Thanks

  22. nj1984 says:
    March 30, 2014 at 8:48 PM

    Hi

    Again thanks very much for your useful advice. After going through your articles, I found icici the best term insuarance wrt a) claim settlement ratio b) claim process efficiency c) claim process speed.

    After this I found that for 1 cr term coverage (including accidental death of icici), annual insurance comes out to be ~15000. But there are certain terms and condition for accidental death,i.e. in which case claim can be applied and in which case claim can not be applied.

    Whereas in case of “LIC amulya jeevan ll” term cover for 1 cr, and in case of any UNFORTUNATE death (i.e. due to any cause), total sum will be assured to nominee. Hence, I choose LIC.
    But still, if I am missing some points which can alter my decision then it is welcome.

    Thanks

  23. MintWise says:
    March 30, 2014 at 6:57 PM

    Good decision.

    Some cautionary notes. Since LIC is not an online plan, make sure that you fill up the physical application form yourself, or if the agent fills up make sure you ensure everything is clearly mentioned in it, before you sign.

    Also, LIC’s Amulya Jeevan II is an expensive term plan since it is not online. You can use this article linked below to make the final choice.

  24. MintWise says:
    March 30, 2014 at 6:57 PM

    Good decision.

    Some cautionary notes. Since LIC is not an online plan, make sure that you fill up the physical application form yourself, or if the agent fills up make sure you ensure everything is clearly mentioned in it, before you sign.

    Also, LIC’s Amulya Jeevan II is an expensive term plan since it is not online. You can use this article linked below to make the final choice.
    https://www.mintwise.com/blog/compare-online-term-insurance-plans-india-2014/

  25. nj1984 says:
    March 30, 2014 at 5:40 PM

    Thanks for information. I am planning to buy “LIC amulya jeevan ll ” for 35 years for 1 cr coverage. I will consider your advice while buying home loan.

  26. nj1984 says:
    March 30, 2014 at 5:40 PM

    Thanks for information. I am planning to buy “LIC amulya jeevan ll ” for 35 years for 1 cr coverage. I will consider your advice while buying home loan.

  27. MintWise says:
    March 30, 2014 at 3:34 PM

    Firstly, it is wonderful that even at 24 you are considering a term insurance plan. Really appreciate that.

    From the details you have given, even if have no liabilities today, you should buy a term insurance plan for about Rs. 50 lakhs right away to protect your economic value. It is also very cheap at this age. Buy it for as long a period as you can but not beyond retirement age of 60. Remember to add an accident death benefit rider, or buy a personal accident policy separately. And buy it online.

    Before you take a home loan, take a separate term plan for covering it. Preferably buy it with the home loan itself, it is the cheapest that way. More on it in the link below.
    https://www.mintwise.com/blog/home-loan-insurance-why/

    Then going forward, depending on lifestyle changes and your affordability, take higher life insurance cover. More on it here.
    https://www.mintwise.com/blog/term-plan-what-to-cover/

    Hope this helps you.

  28. MintWise says:
    March 30, 2014 at 3:34 PM

    Firstly, it is wonderful that even at 24 you are considering a term insurance plan. Really appreciate that.

    From the details you have given, even if have no liabilities today, you should buy a term insurance plan for about Rs. 50 lakhs right away to protect your economic value. It is also very cheap at this age. Buy it for as long a period as you can but not beyond retirement age of 60. Remember to add an accident death benefit rider, or buy a personal accident policy separately.

    Before you take a home loan, take a separate term plan for covering it. Preferably buy it with the home loan itself, it is the cheapest that way. More on it in the link below.
    https://www.mintwise.com/blog/home-loan-insurance-why/

    Then going forward, depending on lifestyle changes and your affordability, take higher life insurance cover. More on it here.
    https://www.mintwise.com/blog/term-plan-what-to-cover/

    Hope this helps you.

  29. nj1984 says:
    March 30, 2014 at 2:01 PM

    Hi

    Currently my age is 24 years. My annual income is 11 lac. Currently I don’t have any existing liabilities ( no Home loans, credit card balances, personal loan etc). But in future, may be within 1 year I may have home loan close to 24 lacs. With the above formula I calculated Life insurance coverage required, and it came out to 55 lacs.

    So my question is, should I buy Term plan now, or should I wait for few years. Because I am not clear whether to take cover of above amount (calculated from calculator) or of 1 cr. Please advise.

  30. nj1984 says:
    March 30, 2014 at 2:01 PM

    Hi

    Currently my age is 24 years. My annual income is 11 lac. Currently I don’t have any existing liabilities ( no Home loans, credit card balances, personal loan etc). But in future, may be within 1 year I may have home loan close to 24 lacs. With the above formula I calculated Life insurance coverage required, and it came out to 55 lacs.

    So my question is, should I buy Term plan now, or should I wait for few years. Because I am not clear whether to take cover of above amount (calculated from calculator) or of 1 cr. Please advise.

  31. Thillai K P says:
    March 7, 2014 at 8:52 PM

    tx for the superb explanation. you should write some articles on pension planning also.

  32. Thillai K P says:
    March 7, 2014 at 8:52 PM

    tx for the superb explanation. you should write some articles on pension planning also.

  33. MintWise says:
    March 7, 2014 at 8:51 PM

    Thillai, good question.

    The income-based calculator gives you the potential earning in your entire lifetime that you can cover whereas the expense one gives what is the minimum amount that your family will need to sustain this lifestyle. The difference between these two is the surplus – your family can use it to improve their lifestyle from current one, or pass it on as legacy.

    In short, you should first get at least the life cover that the expense method suggests.

  34. MintWise says:
    March 7, 2014 at 8:51 PM

    Thillai, good question.

    The income-based calculator gives you the potential earning in your entire lifetime that you can cover whereas the expense one gives what is the minimum amount that your family will need to sustain this lifestyle. The difference between these two is the surplus – your family can use it to improve their lifestyle from current one, or pass it on as legacy.

    In short, you should first get at least the life cover that the expense method suggests.

  35. Thillai K P says:
    March 7, 2014 at 8:44 PM

    In some other website i saw a similar calculator which uses income instead of expense. i got a figure that is much higher (almost double) of the figure i am getting from your calculator. which one is correct and why?

  36. Thillai K P says:
    March 7, 2014 at 8:44 PM

    In some other website i saw a similar calculator which uses income instead of expense. i got a figure that is much higher (almost double) of the figure i am getting from your calculator. which one is correct and why?

  37. MintWise says:
    February 22, 2014 at 6:17 PM

    Yes you can do that, Krishnan. Just be aware of your exposure and ensure you do it quickly. If you are making some other investments, try to get your required life cover first and invest only the rest of it. Life insurance is to cover uncertainties, and as you will agree, the timing of uncertainties is, well, uncertain! 🙂

  38. MintWise says:
    February 22, 2014 at 6:17 PM

    Yes you can do that, Krishnan. Just be aware of your exposure and ensure you do it quickly. If you are making some other investments, try to get your required life cover first and invest only the rest of it. Life insurance is to cover uncertainties, and as you will agree, the timing of uncertainties is, well, uncertain! 🙂

  39. Krishnan Iyer says:
    February 22, 2014 at 6:14 PM

    The calculator is really very simple. I was just about to buy a 40 lakhs life insurance from Aegon, but I realised that I actually need 84 lakhs. I am thinking of buying about 50 lakhs now and then adding another 30 lakhs later. is that ok?

  40. Krishnan Iyer says:
    February 22, 2014 at 6:14 PM

    The calculator is really very simple. I was just about to buy a 40 lakhs life insurance from Aegon, but I realised that I actually need 84 lakhs. I am thinking of buying about 50 lakhs now and then adding another 30 lakhs later. is that ok?

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