Buying individual insurance can be a challenge if you aren't well prepared. Before you start, you need to check out a few things. After all, we're talking about your financial security!

The first thing is to analyze your situation. You can then compare the various types of life and health insurance products available to make the most suitable choice. That's why Desjardins Financial Security has produced a comprehensive guide to consult online.

Step one: analyzing your situation

Are you single? Part of a couple? Do you have children? Have you just joined the work force or thinking of retiring? These questions are important because the answers will influence your insurance needs, as much as your personal goals and plans.

Defining your needs
Once you have analyzed your personal situation, it will be easier to define your needs and the amount of insurance you should buy.

To help you, Desjardins Financial Security has provided several calculators. They will also help optimize your plans by addressing all aspects of your personal finances. You can also save your calculations to help you update your financial security plans at a later date.

Could your family and others who matter to you remain financially independent if you were to die unexpectedly? Could they maintain the lifestyle you would want for them? The following calculator helps you determine your needs in terms of life insurance.
 

• What assets do I currently possess that would be convertible into cash when I die?
• What expenses will my death incur?
• What will my heirs' monthly income be after I die?
   

You should spend about half an hour on this exercise to help you work out exactly how much life insurance you need.

A second calculator has been designed to help you assess the costs that could result from a serious illness. It will only take about ten minutes to complete and will allow you to anticipate:
 

• The lump sum and the periodic costs that can arise from an illness
• The loss of revenue and additional costs that could continue for the rest of your life
• The amount of insurance required, calculated to take estimated inflation and returns into account.
   

Analyzing your budget
You can see where your money goes by calculating your actual income and analyzing your expenses. The third calculator lets you see your income and expenses in detail. This exercise gives you an accurate and detailed picture of your current financial situation and allows you-in just fifteen minutes-to adjust your goals, if necessary.

Above all, the better you know your personal situation, the better equipped you will be to choose the right coverage to meet your needs.

Step two: shopping for insurance products

There is not a great deal of difference between purchasing life and health insurance products or consumer products. If you are shopping for a new car, do you just look at the price or do you look into the features of various models on the market?

You can examine the quality of the insurance products on offer. You can ensure they meet your needs and are flexible enough to adapt to your evolving needs.

You must also understand the characteristics of an individual life and health insurance product to understand precisely what is being offered. That way, you can compare products more effectively: for example, term life insurance, universal life insurance, critical illness insurance and the supplemental benefits offered.

You can read about the advantages of Desjardins Financial Security's products by clicking on Insurance Products for Individuals.