Once a client has planned for his or her liquidity needs, solved for his or her income needs and planned for growth account(s), the next step is protecting those assets by minimizing and/or eliminating risk.
Risk management involves the shifting of financial risk from one party to another, usually in the form of insuring a risk. From a financial and retirement planning perspective, the most common types of risk management involve planning for:
(1) premature death vis à vis adequate life insurance coverage to either create an estate and/or an income for surviving loved ones;
(2) long term care and terminal illness through the use of a stand-alone long term care policy, or a linked benefit policy that contains both a tax free death benefit and long term care component; and
(3) the elimination, reduction or minimization of estate taxes.
Risk management is an important part of a reliable financial and retirement plan. Shari Bevan at Bevan Wealth & Tax Strategies has the necessary expertise and education as a Chartered Life Underwriter (CLU®) required to assist clients in all facets of risk management.
Please contact Ms. Bevan at 864.655.4432 for additional information.