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.
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.
1 American Association of Critical Illness Insurance.
2 American Association of Critical Illness Insurance.
3 Long Term Care Administration on Aging.
WHAT OUR CLIENT ARE SAYING…
“Bill is our ‘go-to’ person when it comes to valuable financial advice. We started with very little in our savings, but after 3 years of listening to Bill and being prudent with our money, we have been able to build a tidy amount that just keeps on growing. Can’t say enough good things about him, meet with Bill right away!”
“My wife and I have known Bill for over 10 years, working with him in various settings from investments to taxes to even charity planning. It is good to know that Bill has such a great reputation in the community and a heart for serving and helping others. He is sensitive to our particular needs and is a good teacher in helping us to understand a holistic picture of how to handle our finances. We wholeheartedly recommend Bill Thompson for your financial needs, you won’t regret it.”
“It has been an absolute pleasure to work with Bill regarding my short and long term goals. He really got to know me and tailored an overall solution that not only helped me save for retirement, but also to have plenty of cashflow for daily life. Following Bill’s advice has truly given me peace of mind.”
“The smartest move we have ever made financially was signing on with Bill Thompson. The value he provides is not limited to his extensive financial knowledge, but also the passion and the care he shows his clients. You could say that Bill lives and breathes “know your client”, getting to know his clients and tailoring strategies to help them get to where they want to go. It’s been 15 years and we can’t wait to work with Bill for the next 15.”
“Bill is our ‘go-to’ person when it comes to valuable financial advice. We started with very little in our savings, but after 3 years of listening to Bill and being prudent with our money, we have been able to build a tidy amount that just keeps on growing. Can’t say enough good things about him, meet with Bill right away!”
“My wife and I have known Bill for over 10 years, working with him in various settings from investments to taxes to even charity planning. It is good to know that Bill has such a great reputation in the community and a heart for serving and helping others. He is sensitive to our particular needs and is a good teacher in helping us to understand a holistic picture of how to handle our finances. We wholeheartedly recommend Bill Thompson for your financial needs, you won’t regret it.”
“It has been an absolute pleasure to work with Bill regarding my short and long term goals. He really got to know me and tailored an overall solution that not only helped me save for retirement, but also to have plenty of cashflow for daily life. Following Bill’s advice has truly given me peace of mind.”
“The smartest move we have ever made financially was signing on with Bill Thompson. The value he provides is not limited to his extensive financial knowledge, but also the passion and the care he shows his clients. You could say that Bill lives and breathes “know your client”, getting to know his clients and tailoring strategies to help them get to where they want to go. It’s been 15 years and we can’t wait to work with Bill for the next 15.”
“Bill is our ‘go-to’ person when it comes to valuable financial advice. We started with very little in our savings, but after 3 years of listening to Bill and being prudent with our money, we have been able to build a tidy amount that just keeps on growing. Can’t say enough good things about him, meet with Bill right away!”