Covering Life’s Risks

It is important to feel comfortable that if something were to happen to you, you and/or your family would be well-cared for. Covering life’s risks requires you to develop a plan to protect you, your loved ones or business partners in the event that any of you encounter significant issues – life, economic or health – that impede achievement of your goals.

Many risks ultimately relate to financial issues – unexpected bills; the loss of employment or inability to work; loss in value of assets or simply not having enough assets or income from your assets.

Insurance is an excellent tool to manage risk in the case of inability to earn because of health or upon death.

Not all things that disrupt your plans can be insured against or are appropriate to insure against. In these cases it may be about having reserve funds on hand or knowing exactly which assets can be liquidated to cover emergency financial demands.

The scope of any plan to cover life’s risks must also take into consideration the complexity of your current asset ownership arrangements and any contemplated for the future. It should also consider the best structures to maximise value.

Creative risk management will help you quantify the gaps in your plans, identify all possible alternatives, and then assess multiple solutions to each alternative. This must dovetail with strategies implemented to secure your assets and build your wealth. None of these should be considered without a clear understanding of your objectives for balancing your and your family’s lifestyles.

With any journey, there are risks. We can help you plan to eliminate unnecessary risks. By providing rigour and discipline each step is more certain and closer to your goal.

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