Financial Planning
Insurance Analysis
This service is not provided by LPL Financial
Understanding which insurance plans to purchase and how much you need to pay means taking a deeper look at your personal financial situation – income, college expenses, mortgage, and debt. We can analyze your current policy and see how it aligns with your finances and make recommendations. If you don’t currently have a plan for your individual insurance, we can work with you to find one that’s a best fit for you and your family by completing an insurance analysis.
Types of Individual Insurance You May Want to Purchase
Insurance is one of the things you wish you didn’t have to buy, but you’re grateful for when you need it. This is true about life insurance, property insurance, and even car insurance. Because everyone has different budgets and needs, we will take the time to understand your personal goals and make recommendations for where to buy insurance policies and how much money to put towards them.
Understanding What Life Insurance is and How it Works
Life insurance is often considered a complicated concept, especially since communication with insurers isn’t always very streamlined and numerous factors need to be considered in order to purchase the insurance policy that works best for you and your loved ones.
A life insurance policy serves as a way to relieve some of the financial burden your dependents/loved ones will likely have to shoulder when you pass away. This policy guarantees that the insurer pays a certain amount of money that could cover debts, planned future expenses you would have incurred (such as university tuition), and other expenses.
Purchasing Life Insurance
When shopping around for life insurance policies, there are two general types we may look into with you:
Term Life Insurance
Term insurance lasts a certain amount of years based on the probability that the insured will die within a stated time frame–typically 10, 20, or 30 years. If you as the insured die within the specified time frame, the benefits will be paid out to your beneficiaries, such as your children and/or spouse. On the other hand, if you do not die within that time frame, your insurance coverage will end, but it can be continued at a higher rate depending on your age and health.
Permanent Life Insurance
As its name suggests, permanent life insurance provides coverage for your entire lifetime. This type of policy is usually associated with higher premiums, but it offers the potential to build cash value. As with term life insurance, the benefits will be paid out to beneficiaries upon your passing.
You want to ensure that your loved ones are provided for after you’re gone, which is why discussing your life insurance options with a financial advisor is so important. We can review your current financial plan and unique situation to determine which type of life insurance policy can help protect your family against the financial expenses they would face in the event of your death.
Property Insurance
Property insurance is available for both homeowners and renters. It can offer coverage for stolen items, structural damage, and even injury taken place on location.
Car Insurance
While many elect not to purchase vehicle insurance, it can come in handy just like other types of insurance. How much your vehicle insurance costs will be determined by how often and far you drive, as well as your driving habits. We can help you purchase a policy that’s right for you and your budget.
Pangea Financial Group is Your Financial Advisor for Life
Headquartered in Texas and Florida and serving clients nationwide, we exist to better serve you by helping you achieve financial security that accounts for all the variables you may not have thought of before. If you’d like to purchase life insurance, please contact us. We would be more than happy to help.
