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When do I need an insurance check-up?

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When do I need an insurance check-up?: Trusted advice and solutions.
OMA Insurance
4/1/2013
How often do you require a review of your insurance needs? This month’s column provides an overview of the factors that will impact your insurance requirements over time, including your financial circumstances, family situation, changes in goals and habits, and even changes in the  marketplace. An OMA insurance advisor can help you quantify and prioritize your needs, establish reasonable and achievable objectives, and recommend the insurance options that are best for you.

​How often do you require a review of your insurance needs? The answer will depend on your personal circumstances and financial health. Here are some guidelines to help you decide when it's time to turn to a professional, trusted OMA Insurance Advisor for a complimentary insurance check-up.

Key Indicators

  • Changes in your financial circum­stances: changes in income, expenses, desired level of savings, or personal and professional debt load all signal that it's time to seek advice on whether your current insurance plan is meeting your needs and budget.
  • Changes in family situation: changes in your marital status, or the number/needs of your dependants, can alter your financial profile. And when considering your insurance needs, don't get bogged down in legal definitions of marriage and dependants (although these might matter when seeking the right insurance solution). Any individual who is dependent upon you for his or her economic well-being — whether a parent, child, spouse, partner, family member or friend — should be taken into consideration when assessing your insurance situation.
  • Changes in goals and habits: personal goals, desires, habits, and lifestyles all change over time, and these changes often impact our insurance plans.
  • Changes in assets and liabilities: what we own and what we owe almost always impact our insurance needs. Whether it's an expanded medical practice, a second home, or just a change in circumstances, a check-up is in order.
  • Changes in the marketplace: the insurance world changes over time, and what was once difficult to insure may now be accommodated more easily. If you have been unable to find an insurance solution to address your needs in the past, it is worth inquiring from time to time to determine whether a new insurance product or service has become available.
  • Anxiousness: if you're feeling un­easy about your financial future, or the future of loved ones in the event something happens to you, a check-up with a trusted, non-commissioned OMA Insurance Advisor can help bring you peace of mind.

What To Expect From A Check-Up

Comprehensive advice, service and solutions tailored to your circumstances: this is what a check-up with a trusted insurance advisor should provide. An OMA Insurance Advisor's role is to work with you to examine your situation and help develop a plan of action, identifying appropriate solutions and services for your needs, wants, and goals. Your insurance advisor can update you on any changes in best practices, and identify any gaps, shortfalls, or even surpluses in your insurance coverage.

The Check-Up Process

Step 1: Discussion of Goals and Priorities

An open and honest discussion can help elucidate your goals, both financial and non-financial. Quantifying and prioritizing goals are among the valuable services that an insurance advisor can provide, and will help to ensure that you focus on reasonable, achievable objectives within realistic timeframes. It is equally important to know your hopes, fears, values, preferences, attitudes, and comfort level with different approaches to achieving your goals.

Step 2: Data Collection

The more information you share about your current financial situation (e.g., insurance policies, investments, debts, and income sources), the better prepared your advisor will be to provide appropriate advice, service and solutions. OMA Insurance Advisors use an insurance review questionnaire to help determine your current financial circumstances.

Step 3: Data Assessment and Needs Analysis

The third step aims to:

a. Determine where you are now in relation to the goals that were established in Step 1.

b. Identify various insurance needs, such as:

  • Your ongoing income needs.
  • Your family's income needs.
  • Lump sum cash needs for final expenses.
  • Repayment of mortgages or other debts.
  • Establishing an education fund.
  • Charitable donations.
  • Gaps, shortfalls, and any surplus in existing coverage.
  • Preserving your wealth during retirement to ensure your assets last as long as you live.

c.         Determine the amount of coverage and plan structure to best meet your complete insurance needs. The advisor will work with you to balance your budget with both your current and future requirements based on your present situation, your goals and preferences.

Step 4: Insurance Review Summary and Recommendations

Your OMA Insurance Advisor will provide a summary that recaps the results of the needs analysis and recommendations in plain language, tailored to you. The advice presented at this stage will reflect an analysis of your existing circumstances, your budget, and your desired future situation. There are always options to help you manage the cost of various insurance solutions, and your advisor will work with you to determine the choices that make the most sense for you.

Step 5: Implementation

Turning your dreams into reality requires both a plan and action. Part of the advisor's commitment to you, therefore, is to see that implementation is carried out according to the agreed-upon plan. Your advisor will help you prepare and complete the paperwork, explain the underwriting processes, and provide a realistic timeframe to put the coverage into place.

Start turning your dreams and goals into reality: take action now! Call 1.800.758.1641, or email info@omainsurance.com​ to schedule a complimentary insurance check-up with a trusted, non-commissioned OMA Insurance Advisor, and take advantage of the exclusive value added programs tailored for physicians.