At Connect Wealth, we often see two extremes: people who are overpaying for coverage they don’t need, and those who are under-insured and unaware of the financial risks they’re carrying. The key is balance—and getting there starts with a little clarity.
Here’s a quick guide to help you figure out where you stand.
1. Start with the Basics: What Do You Actually Have?
Pull out your policies and take stock. Life, disability, critical illness, home, auto, travel, extended health—whatever you’ve got, list it all. Then look at two things:
- What it covers
- How much it pays out
You can’t assess what you need if you don’t understand what you already have.
2. Consider Your Stage of Life
Your insurance needs change over time.
- Young and single? You may need less life insurance but more disability coverage, especially if you rely on your income.
- Raising a family? You’ll likely need more life and critical illness coverage to protect your dependents.
- Empty nester or retiree? You may be over-insured for certain things like life insurance but under-covered when it comes to long-term care or health-related expenses.
3. Understand Your Risks
Ask yourself:
- If something happened to me tomorrow, how would my family or business cope financially?
- Do I have debts that would be left behind?
- What’s my plan if I become sick or disabled and can’t work for an extended period?
- Could my savings cover a major health event or income loss?
If the answer to any of those questions causes a pause, you may have gaps in your coverage.
4. Watch for Signs You Might Be Over-Insured
- You’re paying premiums on multiple overlapping policies.
- You’ve kept high coverage amounts that no longer reflect your current debt or financial responsibilities.
- You signed up for policies years ago and never revisited them—even though your life has changed.
5. Get Professional Help (Not a Sales Pitch)
Insurance shouldn’t be guesswork. A licensed advisor can help you assess your risk, eliminate unnecessary premiums, and plug real coverage gaps—without trying to sell you something you don’t need. At Connect Wealth, we build insurance into your broader financial plan, so it works with your goals, not against your budget.
The Bottom Line: Right-Size Your Coverage
The best insurance plan is the one that’s tailored—to your lifestyle, your risks, and your long-term goals. Too much, and you’re draining resources that could be better invested elsewhere. Too little, and you could leave yourself—and your loved ones—exposed.
Take the time to get it right. It’s not just about being insured. It’s about being properly insured.
Ready for a second opinion on your coverage? Let’s connect.
