Risk Management Planning
Unplanned events are a natural part of life, but that doesn’t mean that you need to be caught unprepared. Thorough risk management planning can help protect you from the unexpected. Our financial planning professionals evaluate your unique needs and recommend insurance policies that create an appropriate safety net for life’s unknowns. We coordinate life, disability, long-term care, and critical illness policies to design an insurance portfolio customized to your needs.
Our Risk Management Planning Services
We offer a wide range of insurance policies to fit your unique risk management needs. Risk management planning is all about being proactive and creating strategies before life’s unexpected events.
We strive to help you gain peace of mind by obtaining a life insurance policy, or policies, suited to your goals. Whether you're looking to help your family preserve their lifestyle, or leave a lasting legacy — we can help.
At Affiance Financial, we believe life insurance serves three basic purposes within a financial plan:
- Income Replacement
Life insurance can be a source of income for a surviving spouse or family. Additionally, the income from a life insurance policy is tax-free at the time of death (though it may still remain subject to estate tax if not held in a trust). Including a life insurance policy as a strategy for income replacement is often a critical part of a young family’s financial plan.
- Wealth Maintenance
Life insurance can be used to maintain wealth in a number of ways. A life insurance death benefit can be used to pay estate or income taxes, replacing Uncle Sam’s cut of your wealth as it transfers to the next generation. Or life insurance can provide your family a tax-free death benefit (if held in a trust), which frees you from worry about estate shrinkage due to taxation altogether. Knowing your family will receive a guaranteed death benefit could even empower you to spend more freely – and live bigger.
- Emergency Reserve
A lesser-known strategy for utilizing life insurance in a financial plan is as an emergency reserve. A life insurance policy has a cash value that can be utilized in an emergency. The cash value of a life insurance policy is not as easily accessible as cash saved in a savings or checking account, but it may earn more interest.
In addition to life insurance, there are several types of specialized insurance policies, which serve critical functions in certain financial plans. But unlike life insurance, which is widely needed in some form, the need for these policies varies widely. Our experienced financial planners will help you build a risk management portfolio sufficient to your unique needs, without adding unnecessary costs.
While you are working, your earned income is a valuable asset to your family, as well as a key component to reaching your future financial goals. Losing your income due to injury or illness can be devastating. Disability insurance can cover your monthly income in the event of an unexpected injury or illness.
Long-Term Care Insurance
While traditional health insurance is a must, there's a wide range of services you may need later in life that those policies simply don't cover. Long-term care policies are a risk management strategy to protect your finances from future medical costs if you were to have a chronic medical condition, Alzheimer's, or a disability that would require extended care.
If you are not eligible for disability or long-term care insurance, you may be a good fit for critical-illness insurance. Unfortunate health crises can strike unexpectedly; having a critical illness policy can provide income replacement while you recover.
Your Risk Management Partners
Affiance Financial offers risk management planning services to clients looking to safeguard their financials during hard times. We take a personalized approach to risk management planning, offering individualized recommendations for getting the coverage you need, and no more.
Risk management planning can be an emotional experience. Our experienced financial planning team understands the difficulties surrounding these decisions. We'll carefully outline your options and walk you through what we believe will work best for you.
Risk Management Planning That Works for You
We can't replace a loved one who has died or repair skills lost to an illness, but we can help reduce the financial impact of these events on your financial future. Whether it's life, disability, long-term care, critical illness — or a combination, we'll help you create a safety net uniquely suited to your needs.
At Affiance Financial, we have the resources and experience to provide guidance for your risk management planning needs. A proactive approach is the best way to help protect your finances from injury, illness, or death. Contact us today and discover how we can give you the individualized attention you deserve.
The views represented are not meant to be construed as advice. Moreover, no client or prospective client should assume that this content serves as the receipt of, or a substitute for, personalized advice from Affiance Financial, or from any other professional. Please remember to contact Affiance Financial if there are any changes in your personal/financial situation or investment objectives.
Insurance product guarantees are subject to the claims‐paying ability of the issuing company.