Risk Management
"There are risks and costs to a program and action. But they are far less than the long-range risks and costs of comfortable inaction" - JFK
Managing risk is the foundation of every financial plan. There are many types of risk addressed in a well-drafted plan including:
- Death/disability of one or both of the primary income providers
- Loss of income for of one or both of the primary income providers
- Damage to assets such as your primary home, vehicle, rental property, etc.
- Long-term care event for one or both of the primary income providers
The most common way to manage risk is through insurance which essentially transfers a portion of the risk from you to an insurance company. Insurance should be used to transfer risk with a low likelihood but high financial consequence. In a well-drafted plan, all forms of insurance should be considered, reviewed and implemented where appropriate.
We provide guidance on several areas of risk management, including:
- Disability Insurance
- Life Insurance
- Long-Term Care Insurance (Traditional and/or Hybrid Life/LTC depending on needs)
- Health Insurance/Medicare (Referral to trusted partners)