Risk management is the process of identifying and evaluating financial risks and putting together a course of action in order to avoid or minimize the impact of those risks.
Life is unpredictable. Events occur without warning, and without proper management they can cause unwanted chaos. For example, if you become sick or disabled, temporarily or permanently, would you be able to support yourself and your family? What if you were to pass away unexpectedly? What kind of financial hardship would result? Would there be dependents left without basic support? Would your burial costs impose undue hardship on others? Morbid as they are, these questions are extremely important and must be discussed and planned in advance of their potential occurrence.
When discussing risk management, questions often arise about health insurance, life insurance, disability insurance, homeowners insurance, liability insurance, and auto insurance. Discussing how much of each you should have is extremely important in the overall financial planning process.
If you have questions about risk management, please contact us for a complimentary consultation at 631.218.0077 or via e-mail at firstname.lastname@example.org.
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