I guess most people are familiar with the concept of insurance planning. Whenever you buy an insurance policy, the insurance agent will first carry out insurance planning to determine your needs. She will ask you some questions related to your monthly income, expenses, amount of assets, liabilities, etc. before proposing a suitable insurance policy. Since this is such an important step to determining your insurance needs, why not do your own insurance planning? 

There are several benefits to doing your own insurance planning. Firstly, the results are likely to be more accurate. During the discussion with the insurance agent, unless you come prepared, you will be hard-pressed to estimate how much your expenses, assets and liabilities are. Some are also not comfortable disclosing the actual income or assets for whatever reasons. But in the comfort of your home and away from all the strangers, you ...