Insurance Planning "You don't buy life insurance because you are going to die, but because those you love are going to live." — Unknown The existence of risk is a source of discomfort to most people, and the uncertainty accompanying it causes anxiety and worry. People deal with risk in five ways — they avoid it, retain it, transfer it, share it and/or reduce it. Financial Plans & Strategies' approach to risk management is as follows: The key factor in determining the appropriateness of insurance is the maximum potential loss that one might face. It is important to not risk more than you can afford to lose. Some losses, such as disability or death of the primary income provider of a family, can be financially devastating. Without proper planning, long-term medical care can wipe out a lifetime's worth of asset accumulation. At Financial Plans & Strategies, we consider insurance a valuable financial planning tool; insurance transfers devastating financial risks to an insurance company. Below is a list of the insurance products we would typically consider when preparing a comprehensive financial plan. Life Insurance Level term Permanent insurance for estate planning purposes or buy-sell agreements (not as an investment) Variable Annuities Although we do not generally recommend variable annuities, we would be happy to review your current variable annuity holding to determine if there are other, less-costly options available to you. When appropriate, Financial Plans & Strategies may use the Internal Revenue Service Section 1035 tax-free exchange to transfer the current variable annuity to an alternative variable annuity. Health Insurance Disability Income Insurance Long Term Care Insurance Including the Indiana Partnership Plan At Financial Plans & Strategies, we can help identify risks in your financial plan that can be addressed in a cost-effective manner with insurance protection. Contact us today to learn more. ----- Note: Financial Plans & Strategies is a fee only Registered Investment Advisor compensated for investment products and retirement planning.