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Insurance Planning

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.