Proper analysis is vital to ensure that you aren't paying too much for insurance and that you have the correct type of insurance for your needs.
The decision to buy insurance to protect against a certain risk is usually based on some determination that there aren't sufficient personal resources to cover the resulting financial loss. An insurance analysis is the only way to properly assess your financial situation to determine how much, if any, of the risk you are able to assume, and how much of it should be transferred to an insurance company. A loss of income due to a premature death, disability or critical illness will usually require a significant amount of capital in order to replace it.
An insurance analysis will quantify the capital need and then calculate the gap between personal resources and the potential need. Only in this way, can you be assured that you are purchasing the right amount of coverage. 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.
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.
Let us help you assess the multitude of risks we all face. The loss of income or increased cost arising from risks such as dying too soon, becoming disabled or critically ill, or requiring care as we age, can be mitigated or offset with proper analysis and planning.
Contact our office today in Calgary if you have questions about your insurance strategy.
1American Association of Critical Illness Insurance. 2American Association of Critical Illness Insurance. 3Long Term Care Administration on Aging.
