Risk Management – Protecting What We Can’t Lose

“Could you afford to replace that?”

Such reflective question illustrates that a solid and durable financial plan must consider and provide for the uncertain and undesirable in life. A single unexpected event can significantly impact your financial security.

Managing the risks that can threaten your financial well-being is every bit as important as saving and investing toward your goals. Risk management is a critical element of any financial plan. As your circumstances change, so do your needs. We review your plan regularly to help minimize risk.

Some ways to manage risk in your financial life include:

LIFE INSURANCE

Life insurance serves as the basic building block of any solid financial plan and can be a critical element of estate planning – for example, helping to protect the assets of surviving family members from taxes and creditors. Whether it is term life, permanent life or a more complex policy, we have the solutions to help protect you and your family.

DISABILITY INCOME INSURANCE

Much of our future financial security depends on the ability to earn income. Individual disability income insurance pays a portion of your income and provides financial protection should you become disabled for an extended period of time. What is your income gap?

LONG-TERM CARE

As health care costs continue to rise, a long-term illness can have devastating effects on your savings and your otherwise carefully constructed financial plans. Long-term care planning addresses what financial resources may be needed to help cover the costs of an illness, accident or as a result of the normal effects of aging.

ANNUITIES

Fixed annuities can provide a lifetime income stream not dependent on stock market performance. Together with other income benefits, such as social security, it can provide confidence by providing you with an income stream in retirement.  Guarantees are based upon the claims-paying ability of the issuing insurance company.

HOME, AUTO & UMBRELLA LIABILITY INSURANCE

One of the most effective tools for asset protection is personal liability insurance, which typically offers relatively inexpensive protection against a range of personal lawsuits. These “umbrella” policies supplement the standard liability limits of primary policies in the event of a costly incident. Whether to purchase and how much should be discussed with competent insurance advisors and take into account your personal situation. What is right for one, may not be right for another.