One of the most important ways to protect yourself and your family is through insurance. A life insurance policy will help make sure your family is taken care of even when you can no longer provide for them.
Additionally, it’s crucial to realize that as you age, the likelihood of health issues arising increases.
That means the right insurance coverage may also be needed to make sure you do not become a financial burden to your loved ones in your golden years.
Simply put, Need Analysis is nothing but a method of determining the right product for policy holders and amount of life insurance which their dependents need in case of death of the policy holder.
To determine the right product for an individual, you need to factor in age, marital status, number of dependent members, expense, debt, child education and so on.
There are three common ways to determine life insurance needs: