There’s more to risk management than completing risk tolerance questionnaires and purchasing an assortment of insurance policies. Here are the five realms of risk.
The Five Realms of Risk
1.) Spiritual Risk – anxiety risk around money, trust, idolatry
2.) Catastrophic Risk – tragedy; death and/or disability
3.) Management Risk – managing our spending and debt
4.) Investment Risk – stock market risk
5.) Event Risk – changes and transition that can threaten our situation financially (e.g. inflation, caring for aging parents, health, living too long, etc.)
How Insurance Can Help Manage Risk
Insurance is essential to any comprehensive financial security plan. If tragic events like death, disability or critical illness strike, insurance can protect you and your family from undue hardship. Some life insurance policies also provide tax-advantaged savings that you can draw on to achieve goals like buying a house or retiring comfortably.
We have access to a variety of insurance products that can help meet your financial security planning needs. No matter your personal situation—if you’re single or in a family; a professional or a seasonal employee; an executive or small business owner—we will work together to design a customized plan.
- Life insurance
- Long-term care, disability and critical illness insurance
- Health and dental insurance
- Group health benefits