Financial Planning – Risk Management

Risk management is the process of:

  1. Identifying risks;
  2. Assessing the probability of the risks occurring;
  3. Assessing the impact if the risks occur;
  4. Protecting against the consequences of loss; and
  5. Minimizing the occurrence of perils.

Risk management services

  • Discuss the types of risk: personal, property, liability
  • Analyze the probability and impact of potential loss
  • Determine the amount, duration, and the risk to be insured
  • Assess life insurance needs: survivors’ needs, estate liquidity, estate value enhancement
  • Assess living benefit insurance needs: disability, critical illness, long-term care
  • Assess health care insurance needs: medical, dental, travel
  • Assess property and casualty insurance needs: home, auto, personal liability
  • Analyze and consider insurance product alternatives