We believe that any individual is entitled to impartial, well-researched advice regarding their personal financial situation. In order to objectively provide this service we offer a Financial Needs Analysis. Our financial needs analysis assist our clients in planning and ensuring that their financial affairs are in order in the event of their death.
While most of us tend to put off thinking about life insurance, it is important that you make sure loved ones will be left financially secure in the event of your death - the solution could be a whole life insurance policy.
However, with so many different types of life insurance, it is no wonder that some people get confused as to what life insurance is and what different options are available. Simply speaking, life insurance pays out a lump sum upon your death which will help your family continue to pay the bills and have a roof over their head.
Put simply, life insurance allows an individual to pay a monthly amount (called a premium) to a company in return for their promise to pay out a relatively large amount of money in the event of the insured person's death. The premium is based on the size or amount of the benefit provided and is calculated according to the insured's demographic and risk rating information.
When buying life insurance there are some basic things you should consider:
A DSA Advisor can help you through each step of the planning and purchasing of an adequate policy that meets your financial needs and objectives.
- Before purchasing a life insurance policy, consider your financial situation and the standard of living you want to maintain for your dependents. For example, who will be responsible for funeral costs and final medical bills in the event of your death? Will there be adequate funds for home loan payments, education and other living expenses.
- You should re-evaluate your life insurance needs whenever you experience a major life event such as marriage, divorce, the birth or adoption of a child, or purchase of a major asset such as a house or business.