A casualty loss, medical bills, a long-term disability or a death of an inadequately insured wage earner can wipe out years of careful capital accumulation. Risk management is one of the cornerstones of an effective personal financial plan. Risks may be avoided, reduced or insured. Each of these three techniques has relevance in your financial plan.
You can control risks to some extent, by altering your habits or activity. This calls for personal decisions on your part. However, for the most part, we are concerned about how you may effectively insure against potential and inevitable hazards.
In evaluating insured coverage's, we take into consideration four factors:
The adequacy of the amount of coverage
The specific policy provisions
The premium structure
The strength and rating of the insurer
The insurance marketplace is constantly evolving. New policies are being developed to cope with changes in society and the investment climate. No existing policy is sacred; each should be periodically reviewed and altered as needed.
A lack of sufficient coverage can be critical should one or more events affect your circumstances. On the other hand, excessive premiums will not cause a financial disaster, but they can seriously affect your retirement and capital accumulation goals.
Our planning objective is adequate coverage at minimum expenses, both now and in the future.
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