Insurance is a key component of financial planning. It offers both financial protection for you and your family in case of an accident, and also serves as a safety net for your current and future needs. However, the concept of insurance can be overwhelming, especially for people who are new to it. The range of options and coverage types will add to the confusion, making it daunting for many. Striking a balance between being over-insured and under-insured can also be tricky. Understanding and building your insurance portfolio properly can be time-consuming but it will help protect your future and that of your loved ones. In this article, we will look into the ways to calculate your health and life insurance needs, the signs of being over- and under-insured, and tips on how to be adequately protected. Calculating your health insurance needs The first step to avoiding being under or overinsured is to calculate your health and life insurance needs....