It’s vital to pass along some of the risk in life by having the right amount and the right type of insurance, including long-term care insurance, life insurance, disability insurance, health insurance, business insurance, and home and auto insurance.

Will your health insurance cover you if you need it while traveling domestically or overseas?

If you have a business, are your assets growing (equipment or inventory) to where you are underinsured in case of a loss? Do you have jewelry or collectibles at work that are now under-insured?

If you can benefit from life insurance, should you own it directly, or is it better to be in an irrevocable life insurance trust, which would exclude the proceeds from your estate? Will your estate have adequate liquidity? Are your beneficiaries proper? This is more than seeing if an ex-spouse is named to the exclusion of the current spouse. What if people die in the “wrong order?”

If you are nearing middle age, is it time for you to consider getting Long Term Care insurance? Do you have enough income to make LTC insurance a feasible option? How much coverage should you buy and for what period of time? Should you get it now or wait another five or ten years?

These are not simple questions. And, insurance has gotten extremely complicated. It requires thought and planning to see that you have the right coverage for different situations. Figuring it out on your own can be time-consuming and anxiety-provoking. It helps to have a financial advisor who can help you evaluate those needs and procure the right amount of coverage with the right insurance company at the best price.

Steve Margulin is an independent advisor, who works with top insurance agents and can be objective in assessing your insurance needs and in assessing various insurance carriers and various types of coverage.