Risk Management & Insurance Advice
Building wealth is important, but protecting your wealth is just as if not more essential. It is imperative to understand the impact insurance plays in a person’s financial situation. If you are unable to work at some point in time due an unforeseen circumstance you need to be able to maintain your standard of living, especially when you have dependents. Therefore risk insurance plays an critical role in building a financially secure future and this importance must be understood.
Each situation is unique and not every insurance is required. Each insurance has a purpose and not every person will need understand every single type of insurance, however it is vital to understand which insurance is relevant to your particular situation. There are 4 main types of insurance:
- Life Insurance
- Total & Permanent Disability Insurance
- Income Protection Insurance
- Trauma Insurance
When assessing your financial situation we will look at these 4 main insurances to determine if it is necessary and we will explain why.
As you progress through life your circumstances will change and it is very likely that this will affect the level of insurance that will be required, so it is necessary to review regularly.