Page Title

Purposes Of Insurance

Insurance planning is a critical component of a comprehensive financial plan that includes evaluating risks and determining the proper insurance coverage to mitigate those risks. The principal goal of insurance planning is to identify and analyze risk factors in life and seek proper coverage to attain peace of mind. Insurance helps you recover your financial losses if some unfortunate event happens. Therefore, insurance is an economic device transferring risk from an individual to a company and reduces the uncertainty of risk via pooling.

Insurance planning plays a crucial role in your comprehensive financial plan. Because there are numerous risks that can wreak havoc with even the best-laid plans; our job is to help you identify these risks and discuss ways to mitigate the risks. Proper risk management is vital to help you protect your financial plans and investment portfolio against unexpected life events. With properly structured insurances e.g. life, disability, long-term care, and critical illness insurance, you can transfer the financial risk of uncontrollable events to a third party --- the insurance company. Although insurance is the answer for many risks, it is not always the answer. We will help you determine if insurance is necessary and, if so, how much insurance is required to protect your wealth.

The insurance market is flooded with so many products and insurers, everyone claiming their product to be the best. This can be confusing for anyone to decide with conflicting claims from insurance companies about their insurance products and annuities. Moreover, assessing the right amount of insurance coverage for you may also be puzzling.

Life insurance also has many uses in an estate plan, including estate liquidity, debt repayment, income replacement, and wealth accumulation. There are many different types of policies to consider, at different price levels, and policies can be owned in many ways.