A financial audit isn’t the only type of helpful review. Individuals can conduct their own insurance review, taking a comprehensive look at the financial protection they need in various areas of their lives.
WHEN YOU’RE YOUNG
Your insurance needs begin at an early age when you get a driver’s license. Nearly every state requires car insurance. Those that don’t often require financial restitution for those harmed by the driver at fault. That will come either from the driver or the driver’s insurance company. Considering the potentially high costs involved, it’s easy to see how auto liability insurance is typically the choice.
Then, as you build a career and a family, other insurance considerations come into focus. Life insurance is a given, although a long-term disability that prevents you from working (and earning a living) is many times more likely than death at younger ages. Disability insurance offers income protection in that event.
LATER YEARS
As you age your insurance needs may change, such as for financial protection in the event you need long term care. Your life insurance needs may lessen as you grow older, or they may be different. You may, for example, use life insurance to equalize your estate or leave a financial legacy. If you have questions, talk to an insurance professional.