What Is Insurance Planning?
Insurance planning is the process in which strategists evaluate potential risks, and develop solutions to mitigate the losses incurred by them. The goal is to provide financial protection against these risks, in order to reduce the expenses that come with the event.
Insurance Planning Strategies to Reach Your Financial Goals
At Menninger & Associates, the wealth managers are well-informed about various strategies, including four common types:
Retention - Accepting the risk if its effects are minimal, or the cost of outside insurance is too high.
Transfer - Purchasing an insurance policy which can handle the cost of the risk. Most risks in life can be transferred to insurance companies in the form of health insurance, life insurance, disability insurance, homeowner’s (renter’s) insurance, auto insurance, long term care insurance, and liability insurance.
Reduction - Taking initiative to decrease the likelihood of the risk.
Avoidance - Choosing not to partake in high-risk activities.
What Factors Affect My Insurance Needs?
There are many factors that affect an individual’s insurance needs, and many indicators that can help us decide which strategy is best for you. The most notable components are your income and expenses, as well as your financial goals. This is why insurance planning is an integral service that we provide as financial planners. In addition, it is important to identify any dependents that may benefit from your insurance plan, as they can determine the amount of insurance that you are entitled to.
When planning for your future, it is important to consider the risks that can arise. If you are not prepared for the risks ahead, consider speaking with one of our financial planners to learn about how you can remain protected from financial disasters.
Why Choose Menninger & Associates for Insurance Planning?
You work hard to provide for yourself and your family. At Menninger & Associates, we know that it is important to protect your savings from risks that could cause potential financial burden. By choosing our insurance planning services, we can help find the best strategies for you, to manage your wealth effectively.
