What are My Life Insurance Requirements?

Your life insurance requirements are dependent on an overall analysis of your financial situation. A “needs analysis” will help you to determine what type and amount of coverage is most appropriate for your situation. Consult an advisor that will sit down with you and compare your financial assets (e.g. investment accounts, retirement assets, property holdings, etc.) to your forecasted future needs. Any disparities between your financial goals or requirements and your potential future assets, then present a general image of what your life insurance needs to cover. While undergoing a “needs analysis” it is a good time to re-evaluate any other insurance policies you may have (e.g homeowners, auto, short term disability) to ensure that they too are meeting your potential needs.