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Risk Management is the cornerstone of financial planning and a critical component in any plan to protect you and your loved ones from the potentially devastating financial affects of an untimely death, disability or long-term illness. It makes no difference how elaborate or effective your investment portfolio, retirement plan or estate plan if you have not taken the necessary steps to eliminate risk and protect your family's financial security. Without proper risk management, any other planning efforts could be pointless. Risk management through the strategic use of insurance removes the concern for the unknown from your financial plan and provides comfort and peace of mind.
As part of your risk management strategy, we'll help you assess and evaluate all potential risks, define your family's income and lifestyle needs, and help you address the following important issues.
- Have you considered your dependents' education goals and the possible additional long term care costs in the event of disability?
- Have you determined the level of “income replacement” you desire, regardless of wealth?
Have you determined the level of “income replacement” you need?
- Have you discussed and evaluated all sources of income and possible changes to this income or your employment?
Have you determined the amount of assets needed to self-insure based on meeting your “life-style” needs?
- Have you weighed the pros and cons of self-ensuring versus purchasing life, disability or long-term care insurance?
These are just some of the issues you'll need to consider in order to ensure your family's long-term financial security and independence. While disability and income protection aren't as glamorous as investing your money, they are arguably more important. Together, we'll make sure that you and your family are financially secure, no matter what tomorrow brings.
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