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Needs Based Planning

  • Writer: Mosby.
    Mosby.
  • Apr 7, 2022
  • 2 min read

Updated: Apr 9, 2022

Over the last decade, insurance solutions have evolved, not only in product development, but also in the lens from which we view them.

 

Over the last decade, insurance solutions have evolved, not only in product development, but also in the lens from which we view them. In its most basic form, the job of insurance is to locate, identify and address financial risk, risk that is present in your individual or your family’s financial plan. Insurance mitigates this risk and moves you closer to your estate goals by:

  1. Replacing income in the event of a wage earner’s death

  2. Paying debts (such as a mortgage) on death

  3. Funding final expenses and taxes upon death

  4. Creating, conserving and equalizing an estate

  5. Providing an endowment to a charity

Having said that, it is the role of an advisor to help you identify the risks – what you and your family would face in the event of an illness, disability or premature death – and help you find solutions based on your unique set of needs and circumstances.


So, where do you start and what do you need to know in order to protect you and your family?


Well, a great start is a needs-based assessment on your financial and non-financial situation, starting with the following questions:

  • What are your family dynamics and account details? (including assets and liabilities)

  • What percentage of income does your family require to maintain your lifestyle?

  • Does this picture change when your children are no longer dependents?

  • Can you describe your ideal retirement?

  • What would happen to the family income if you were disabled or had a critical illness?

  • Do you have group benefits through work?

  • What do you want to see happen with your estate upon death?

  • Have you created a will and when was it last updated?

  • What comes to mind when you think of your tax situation?

A lot of questions, yes. Important questions, also yes. A thorough needs-based assessment helps paint the whole picture, your exclusive snapshot – a wide, panoramic view of your income, assets, lifestyle, spending, risk and long-term goals. It’s crucial to understand your true needs and see where the potential dangers lie, so you can be certain that the plan you’re putting in place is a perfect fit for you today and for all your tomorrows to come.

 
 
 
 

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