Make a Needs Analysis Part of Your Financial Plan

As you plan for your family’s financial future, a needs analysis should be a key part of the process.

What is a needs analysis? And how does it help you?

Let’s look at it this way: When you plan to travel somewhere unfamiliar, you plug the destination into your GPS — or, if you’re old school, you look at a map. With that guidance, you’re more assured of successfully arriving at your destination.

Your financial future is no different. You know where you want to go, and you want to find the best route to get there. To do so, you want to make sure you’re getting the right life insurance and retirement products to build a financial safety net for your family.

That’s where a needs analysis comes in.

The analysis, along with your WoodmenLife Representative, can help you assess your situation and choose the products that best meet your specific needs.

We asked Kyle Savage, Vice President, Sales, for insight into a needs analysis.

What is a needs analysis?

A needs analysis is a simple way to ensure your financial plan fits your needs. By understanding your current situation, your WoodmenLife Representative can help identify any gaps or opportunities to improve your financial security.

Why is it important?

Life insurance is highly customizable. From the type of products to the amount of coverage needed, everyone’s situation is unique. The needs analysis gives a clear picture of your specific situation.

I’ve already done one of these before. Do I need to do another one?

Yes! Life happens, and things change. Over time, you may pay down debt, earn a pay raise, send kids through college, and many other things that impact your financial situation. As things change, it is important to review your products and make sure your needs are still being met.

Contact your local WoodmenLife Representative to discuss your situation. You can also try our Life Insurance Calculator to get a head start learning about your unique needs.

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