In any given year, there are a large number of financial decisions individuals and families make on a wide range of topics, including where to bank, how best to save for college, what investments to choose, and what kind of insurance coverage is needed. There are many research tools available to help you select a bank, college savings plans, investments and more, but when it comes to insurance decisions, the choices can be daunting. Life insurance is one type of insurance coverage that can leave many individuals and families uncertain if they are well protected in the event of a loss, especially because there are many different types of life insurance coverage.
Before selecting life insurance coverage for yourself or your family, it is critical to first understand your financial situation with a thorough Needs Analysis or Assessment. An insurance Needs Analysis takes into consideration existing and projected income levels, outstanding debts and savings, mitigating health factors, financial goals, and family needs and expenses. This analysis helps determine the amount of life insurance coverage needed to ensure that families are able to cover burial expenses and living expenses after the loss of a family member.
Analyzing your individual or family needs is important as many people grossly underestimate the amount of money needed to replace the family breadwinner's income, cover burial costs or pay off outstanding debts. Being underinsured can leave many families and relatives in danger of falling into financial ruin, or even poverty, in addition to the grief experienced over the loss of a loved one.
Once you have assessed your family's current and future financial needs, you can then begin to review the various types of life insurance policies and find a life insurance solution that meets your family's needs. Having quality life insurance coverage can provide your family with peace of mind and reassurance that financial needs will be met even after a family loss, especially if the primary breadwinner's income must be replaced.
In next week's blog post, we will discuss the various types of life insurance coverage available for individuals and families, as the terminology, coverage options and regulations can be difficult for many people to understand. Thankfully, the life insurance experts of Aegis can help. Aegis is a Houston-based insurance agency that specializes in providing clear, comprehensive life insurance solutions for individuals and families. The friendly and knowledgeable agents of Aegis can sit down with you to conduct a thorough insurance needs analysis to help you better understand your financial situation, future goals and life insurance needs. Their insurance expertise and solutions will help you make an informed and smart life insurance decision for your future. Contact Aegis today for more information, or request a quote online.