the role of your financial advisor when it comes to life insurance

How a Financial Advisor Can Help You with Your Life Insurance

Here’s how your financial advisor can help you navigate the world of life insurance.

While life insurance in Plano, Texas might seem basic enough on the surface, once you start having to make policy decisions, you may find yourself in way over your head. Luckily, if you have a financial advisor, they can help you narrow down your coverage options and help you secure the right policy for your lifestyle. Here’s how your financial advisor can help with choosing the right life insurance.

What You Need to Know

First, it’s important that your financial advisor upholds the fiduciary standard. This means that they are obligated to put your needs and wellbeing before their own. You should also understand that your life insurance needs will change as you move through the different stages of your life. It’s important that you change your coverage amounts, policy limits, and even policy type to suit your evolving needs. So, if your advisor thinks that you might benefit from a significant life insurance policy change, take their advice seriously.

How Your Financial Advisor Can Assist with Your Life Insurance

Your financial advisor can walk you through every step of the life insurance decision-making process. For starters, they will help you choose the policy type that best suits your current financial goals and status. If you require low-cost coverage for a limited amount of time, your advisor will recommend a term-life insurance policy. However, if you have some extra capital and would like a life insurance policy that builds value, then a permanent policy may be right for you.

More importantly, your financial advisor can help you determine how much coverage you actually need from your life insurance policy. Oftentimes, people struggle to determine just how much coverage they will need to pay off their debts, support their loved ones, pay for their funeral and burial, and so on. Because your financial advisor understands your current financial situation, they can help you calculate your ideal death benefit amount. Additionally, because they know how much you can afford to pay for your life insurance coverage, they will also ensure that your policy does not put a strain on your current cash-flow.

These are some of the ways in which a financial advisor can help you navigate through the complicated process of securing the right life insurance policy. If you have additional questions regarding your life insurance in Plano, Texas, you can also reach out to a team of trusted insurance experts. Contact us at Tri-Star Insurance/HUB International for assistance with all your personal insurance needs today.