An insurance analysis will quantify the capital needed and then calculate the gap between personal resources and the potential need. With so much at stake, you don’t want to buy too little coverage, and, if you’re like most people, you also don’t want to buy more coverage than you need. The analysis will also help you pinpoint the right kind of insurance based on your budget and your preferences.
A complete insurance analysis will also ensure that you have your greatest risks covered. While most people own some form of life insurance for protection against the risk of dying too soon, relatively few are protected against the more certain risk of becoming disabled or critically ill. They face a 37% chance of becoming disabled1 and unable to work due to a prolonged illness or accident; and a 27% chance of being diagnosed with a critical illness2 such as cancer, stroke, heart attack etc. The loss of income due to a disability or critical illness is one of the leading causes of bankruptcies.
For seniors, there is a four in ten chance3 that they will require some form of nursing care which, at the current rate, will become prohibitively expensive or even unavailable for most people. An analysis will enable you to see exactly what kind of financial exposure you face if these risks are not covered.
The other certainty of life is change. Our financial and family situations will evolve; we will age; and, eventually our health will decline. And, as life unfolds, our needs and risks change. With some major life event occurring, on average, every three years for most people, it is essential to have a complete insurance analysis with the same frequency.
Contact our office today, if you have questions about your personalized insurance strategy.
1 American Association of Critical Illness Insurance
2 American Association of Critical Illness Insurance
3 Long Term Care Administration on Aging