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. In addition, it helps you understand how much of this liability should be transferred to an insurance company. An insurance analysis will quantify the capital necessary and then calculate the gap between personal resources and the potential need for coverage.
With this approach, you can be sure you are only paying what you need to for insurance, which allows for a more optimized approach to insurance. There is a lot at stake when purchasing insurance, which makes it crucial to perform the due diligence necessary to understand and make an educated choice as to your complete insurance coverage.
Liability management utilizing insurance can allow us to take certain risks knowing we have things covered for a worse case scenario.
Proven Insurance Analysis Services
Inflection’s proven insurance analysis services are designed to help you optimize the price and coverage details of your insurance plan. Our team of financial planning experts can help you to identify aspects of your coverage you may be overpaying for while also highlighting portions of coverage you may have no need for.
This deep dive into your insurance payments can help to trim the fat off your insurance bill and help free up more funds for strategic investment and savings deposits. The analysis will also help you pinpoint the right kind of insurance based on your budget and your preferences.
Our process of walking through a thorough needs analysis helps us figure out exactly how much insurance that you might need now and in the near future. This is the starting point for getting a better understanding of what it is you are actually covering.
Why An Insurance Analysis Is So Important
Understanding the depth of coverage you have can be the difference between being covered when you need it and going bankrupt due to a lapse in coverage. While most people own some form of life insurance for protection, relatively few people are properly protected against the more certain risk of becoming disabled or critically ill. According to the American Association of Critical Illness Insurance, individuals face a 37% chance of becoming disabled and unable to work due to a prolonged illness or accident; and a 27% chance of being diagnosed with a critical illness such as cancer, stroke, or heart attack. Based on these numbers, it is imperative to ensure that you get the coverage you need.
The loss of income due to a disability or critical illness is one of the leading causes of bankruptcy. For seniors, there is a high probability that you will require some form of nursing care which, at the current rate, will become expensive or even unavailable for most people. An in-depth analysis will enable you to see exactly what kind of financial exposure you face if these risks are not covered properly by your insurance plan.
Work With Inflection Advisors
Are you struggling to determine the amount of life insurance or liability insurance you really need? If so, let our team of personal finance and insurance experts help you understand your coverage needs and true financial situation in more depth. Reach out today to get in touch with one of our advisors.