Audit all seven insurance categories in one place. Enter your current policies to get a coverage score, identify dangerous gaps, and receive a prioritized action plan to fix them.
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Your Coverage Summary
Coverage Score
Dangerously Underinsured
1
Critical Gaps
0
Moderate Gaps
0
Optimizations
Coverage Overview
Top Priority Actions
No disability insurance
Review your life insurance coverage tooCoverage Score
Dangerously Underinsured
1
Critical Gaps
0
Moderate Gaps
0
Optimizations
Coverage Overview
Top Priority Actions
No disability insurance
Review your life insurance coverage tooCritical Gaps
No disability insurance
You are 4–5 times more likely to become disabled than to die during your working years. Your income is your most valuable financial asset.
Review your life insurance coverage tooNo disability insurance
You are 4–5 times more likely to become disabled than to die during your working years. Your income is your most valuable financial asset.
Review your life insurance coverage tooClick each category to expand it. Enter your current coverage details, or indicate you have no coverage for that category. The status badge on each accordion header updates in real time as you enter information.
Each accordion shows colored alerts as you enter your data — red for critical gaps, amber for moderate concerns, and blue for optimization opportunities. These update immediately as you change your inputs.
The Coverage Score gauge on the right panel calculates your overall insurance adequacy from 0 to 100. Scroll down to the full Gap Analysis section to see a complete breakdown of every issue identified across all categories.
Your Action Plan prioritizes the most important steps first. Critical gaps — no life insurance with dependents, no health insurance, no disability insurance — should be addressed immediately. Moderate gaps and optimizations can follow.
Insurance needs change dramatically with life events. Marriage, birth of a child, buying a home, and income changes all affect what coverage you need. Set a calendar reminder to return to this tool every 12 months.
Not sure about your coverage amounts? Use our individual calculators:
Most people buy insurance and then forget about it for years. But your insurance needs change dramatically as your life evolves. The coverage that adequately protected a single renter at 25 is almost certainly inadequate for a homeowner with a spouse, children, and a mortgage at 35. See how your overall financial picture should inform your coverage needs with our net worth calculator.
The most common and dangerous insurance mistake is setting and forgetting — buying adequate coverage at one life stage and never revisiting it as circumstances change dramatically. A life insurance policy bought for $250,000 a decade ago may have been appropriate when you had a $180,000 mortgage and one child. Today, with a $350,000 mortgage, three children, and a doubled income, that same policy covers a fraction of the risk it was intended to address.
Five life events most dramatically change insurance needs: marriage (requires updating beneficiaries and often adding coverage), birth of a child (dramatically increases life insurance needs), buying a home (requires homeowners insurance and often triggers needs for increased liability coverage), a significant income increase or decrease (affects the income replacement calculation for life and disability insurance), and the death of a spouse or financial dependent (may reduce life insurance needs while increasing others).
The underinsurance epidemic in the US is well documented. Research consistently shows that the majority of US households with dependents are significantly underinsured on life insurance — LIMRA's estimates suggest the average household life insurance gap exceeds $200,000. This is not a fringe problem; it is the statistical norm. Most people understand they need life insurance but systematically purchase less than their actual risk exposure requires.
While underinsurance is more common, paying for overlap is also worth addressing. Many employees have never fully inventoried their employer benefits, which often include life insurance, disability insurance, and basic health coverage. Premium credit cards provide trip cancellation and baggage coverage. Homeowners policies extend personal property coverage to items stolen away from home. Understanding what you already have prevents paying for redundant protection.
The most dangerous coverage gap is rarely the one people worry about — it is usually disability insurance. Most people insure their car, their home, and their life. Almost nobody insures their income against the risk that they cannot work. You are 4 to 5 times more likely to become disabled during your working years than to die, yet disability insurance penetration in the US workforce is dramatically lower than life insurance penetration.
Coverage Needs Change With Life Events
A family whose life insurance policy was adequate when their mortgage was $200,000 and they had one child may be dangerously underinsured when the mortgage is $350,000, they have three children, and their income has doubled. Life events demand coverage reviews — not just initial purchases.
Insurance needs connect directly to your overall financial plan. See how your retirement savings interact with your insurance needs using our retirement savings calculator.
Must Have
Should Consider
Can Likely Skip
In your 20s, your primary financial risk is losing your income — either through illness, injury, or a catastrophic health event without coverage. Health insurance is mandatory. Disability insurance is cheap when you are young and healthy, and the rates you lock in now persist. Renters insurance costs $15–$25 per month and protects everything you own.
Must Have
Should Consider
Can Likely Skip
The 30s and 40s represent peak insurance need. You likely have a mortgage, young children who are fully financially dependent, a spouse, and the highest income-to-insurance ratio of your life. Both earners should have individual life insurance — employer group coverage is not portable and often insufficient. A stay-at-home parent's economic contribution — child care alone can cost $15,000 to $30,000 per year — requires its own coverage.
Must Have
Should Consider
Can Likely Skip
As your mortgage balance decreases and your children approach independence, your life insurance needs begin to decline. The 40s and 50s are also the critical window for purchasing long-term care insurance — rates are far lower at 55 than at 65, and the probability of qualifying for coverage decreases with age. Review any whole life policies you hold, as their value relative to term plus investment alternatives often deteriorates over time.
Must Have
Should Consider
Can Likely Skip
Retirement fundamentally changes your insurance needs. Disability insurance becomes less relevant as earned income phases out. Large life insurance policies may no longer be necessary if your dependents are grown and your mortgage is paid. The focus shifts to protecting accumulated assets against long-term care costs, which are the leading cause of retirement financial depletion.
After reading these gaps, use the insurance coverage checker above to see if you have any of them.
Approximately 40% of US households with dependent children have no life insurance. A single-income family with young children and a mortgage is financially catastrophic if the breadwinner dies without coverage — mortgage payments stop, childcare must be funded from nothing, and education savings disappear.
Calculate how much life insurance you need →You are 4 to 5 times more likely to become disabled than to die during your working years, yet most people have no individual disability insurance. Social Security disability is difficult to qualify for, takes months to receive, and is often insufficient to maintain your standard of living. Your income is your most valuable financial asset — and the one most people leave completely unprotected.
A policy bought 10 years ago for $250,000 may have been adequate then but severely underinsures a family that now has a larger mortgage, more children, and a higher income. Coverage should be reviewed after every major life change — marriage, birth of a child, home purchase, and significant income changes all affect the calculation.
Recalculate your coverage needs →Most US health insurance provides little or no coverage internationally — and Medicare provides zero. A medical emergency in Europe or Asia requiring hospitalization can cost $5,000 to $20,000+. A required medical evacuation can cost $50,000 to $500,000. Every international traveler needs emergency medical and evacuation coverage as a minimum.
Compare travel insurance plans →Standard home insurance never covers flooding — this is one of the most absolute and universal exclusions in all of insurance. Approximately 20% of flood insurance claims come from properties outside designated high-risk flood zones. If your area has experienced significant flooding in the past 50 years, NFIP or private flood insurance should be considered seriously.
Review your home insurance coverage →Approximately 55% of renters in the US have no renters insurance. For as little as $15 per month, renters insurance protects thousands of dollars in personal belongings against fire, theft, and other covered losses, provides $100,000+ in personal liability coverage, and covers additional living expenses if your unit becomes uninhabitable.
Most homeowners and car insurance policies have liability limits that are far below the legal costs of a serious accident or injury claim. A single serious car accident can generate $200,000 to $500,000 in claims. Anyone with a net worth above $200,000 should carry both higher liability limits on existing policies and consider an umbrella policy.
Calculate your net worth to determine appropriate liability coverage →Most people buy insurance and never review it. This four-step process takes about two hours once per year and can identify thousands of dollars in either savings or dangerous gaps. Use it alongside this tool and our net worth calculator to get a complete financial picture.
Before you can review your coverage, you need to know what you actually have. Collect every active insurance policy: life insurance declarations pages, health insurance summary of benefits, auto policy declarations, homeowners or renters policy, disability policy (if you have one), umbrella policy, and any travel insurance documents. Most insurers now provide digital access through their online portals — log in to each and download or screenshot the declarations page, which shows your coverage limits, deductibles, and premium.
With your policy documents in hand, systematically compare your current coverage against your current life circumstances. The key questions for life insurance: Does the death benefit equal 10–12 times your annual income? Does it cover your outstanding mortgage balance plus dependents' needs? Have your beneficiary designations been updated after any marriage, divorce, or death in the family? For health insurance: Have your healthcare utilization patterns changed enough to warrant a different plan tier? Are your primary doctors and specialists still in-network? For disability insurance: Does your benefit equal at least 60% of your gross income? Does your policy have own-occupation or any-occupation definition?
Insurance companies do not reward loyalty — they price new customers competitively to acquire them and gradually increase rates for existing customers who never shop around. A study by Consumer Reports found that auto insurance rates can vary by 300% for identical coverage between the highest and lowest bidders in the same market. Health insurance on the ACA exchanges sometimes shows 30–50% premium differences between carriers for equivalent plans. Life insurance rates vary even more dramatically by underwriting standards and actuarial assumptions. Get at least two to three competing quotes for every policy at every renewal — not just the first year, but every year. The market changes, your health status changes, and your insurer's pricing changes.
After completing the review, prioritize the gaps you find. Critical gaps — no disability insurance, insufficient life insurance with dependents, no health insurance — should be addressed first, because the financial consequences of leaving them open are catastrophic. Moderate gaps — inadequate liability limits, no umbrella policy for a high-net-worth household, no flood coverage in a flood-prone area — should be addressed within 30 to 60 days. Optimization opportunities — switching to a more cost-effective plan, adjusting deductibles to better match your emergency fund, removing riders that no longer apply — can be handled at renewal time. Do not let perfect be the enemy of good: an imperfect policy that is in force is infinitely better than a theoretically perfect policy you are still researching.
Set Your Annual Review Reminder Now
The best time to review your insurance is 60 days before your largest policy renewal — usually your homeowners or auto policy. This gives you time to shop and close gaps before the renewal date. Set a recurring calendar event titled "Annual Insurance Audit" and link it to this tool.
Five life events that should trigger an immediate review (do not wait for annual): marriage or divorce, birth or adoption of a child, purchase or sale of a home, significant income change (more than 20%), and death of a spouse or financial dependent.
Use these tools alongside the coverage checker to calculate exact coverage amounts, compare policy types, and understand the full financial picture behind your insurance decisions.
Calculate exactly how much life insurance coverage you need based on your income, debts, dependents, and financial goals.
Estimate your total annual health insurance cost including premiums, deductibles, and out-of-pocket spending based on your plan type and expected usage.
Get a ballpark estimate of what your auto insurance should cost based on your vehicle, driving history, location, and coverage preferences.
Estimate the right dwelling coverage amount, replacement cost vs actual cash value tradeoffs, and optimal deductible for your property.
Compare the true long-run cost of term versus whole life insurance, including the "buy term and invest the difference" analysis.
Compare basic, standard, comprehensive, and CFAR travel insurance plans side-by-side for your specific trip cost, destination, and traveler ages.
Calculate your total net worth across all assets and liabilities — a key input for determining appropriate liability and umbrella coverage amounts.
Disclaimer: The Insurance Coverage Checker is an educational tool designed to help you identify potential gaps in your insurance coverage. It does not constitute insurance advice, a professional insurance review, or a recommendation to purchase any specific insurance product or policy. Coverage adequacy assessments are based on general financial planning guidelines and may not reflect your individual circumstances. Insurance needs vary significantly based on factors including jurisdiction, specific policy terms, personal risk tolerance, family structure, and financial situation. The scores, gap alerts, and action plan items generated by this tool are indicative only and should not be relied upon as definitive assessments of your insurance adequacy. Consult a licensed insurance professional or independent financial advisor before making any insurance purchasing or cancellation decisions. Premium estimates shown are illustrative approximations only and will differ from actual quotes based on your individual underwriting profile, claims history, location, and insurer-specific pricing. AssetClip is not an insurance company, insurance broker, or licensed insurance agent, and does not sell insurance products. All data entered into this tool remains on your device and is not transmitted to any third party.