375 North Madison Avenue,
"You don't buy life insurance because you are going to die, but because those you love are going to live."
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.
Disability Income Insurance
An insurance plan that pays some of a person's income when they are disabled from an illness or injury and cannot work.
Long Term Care Insurance
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-based Registered Investment Advisor compensated for investment products and retirement planning.