Risk management is the foundation of a comprehensive wealth management plan. Without thoughtful and comprehensive risk planning, your family’s financial future could be badly damaged by one of those bad outcomes that happen to good people once in a while.
Effective risk management involves planning for the unexpected and satisfies the question: “What happens to my family if something should happen to me tomorrow?” Risk avoidance is the first and best risk management program, but when external risks are inescapable, insurance is the best way to safeguard your wealth through the transference of the risk to a third-party.
Commercial insurance is the most economical way to mitigate the risk of unexpected events, but the purchase of insurance should be the result of a methodical planning process that determines the appropriate amount of risk protection for your money. Old selling rules of thumb like “buy life insurance equal to ten times your salary in death benefit” is the not the right way to purchase something as important as risk protection.
Living Wealthy Advisors employs a sophisticated risk planning process – Wealthcare – that addresses all the risks to your financial future and helps determine the appropriate amount of risk protection to purchase for your family – and not a dollar more.
