Financial Planning - Risk Management
Risk management is the process of:
- Identifying risks;
- Assessing the probability of the risks occurring;
- Assessing the impact if the risks occur;
- Protecting against the consequences of loss; and
- 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