Do you worry about unforeseen circumstances impacting your family’s financial security, such as accidents, illnesses, or permanent disability? Are you concerned about leaving your loved ones with the burden of housing loan instalments or hindering your children’s education dreams? It’s vital to determine the appropriate amount of life insurance coverage to ensure peace of mind.
Follow these three easy steps to gain clarity on your life insurance needs:
- Assess Your Commitments. Start by evaluating your current and future financial commitments. Consider housing loans, children’s education, living expenses, support for elderly parents, retirement plans for your spouse, and any other significant financial responsibilities. Understanding these commitments is key to determining your life insurance requirements.
- Evaluate Your Financial Resources. Take stock of your existing financial resources, including your Employee Provident Fund (EPF), investments, savings, stocks, and other assets. Having a clear picture of your available resources will help you understand how much financial support you can provide to your family.
- Review Your Insurance Policies. Thoroughly review your current insurance policies, such as Personal Accident Insurance, Life Insurance, Medical Insurance, Hospital & Surgical Insurance, and more. Understand the sum assured and the extent of coverage each policy offers. This analysis will reveal any gaps in your insurance protection.
Determining Your Life Insurance Protection Gap
After completing the three steps, you’ll be able to calculate your Life Insurance Protection Gap. This gap represents the difference between your total liabilities and your available financial resources to cover them. It highlights the additional life insurance coverage you may need to safeguard your family’s financial future.
We Can Help
We understand the importance of finding the right life insurance coverage that fits your needs and budget. Our team is here to assist you in identifying your life insurance protection gap and proposing a suitable solution tailored to your circumstances. Secure a financially sound future by reaching out to us today via an online discovery call. Let us guide you towards financial peace of mind.