Most people find the topic of insurance either
frightening, boring or taboo. For some, it is a reminder of our mortality. For others, they fear that even mentioning
it will bring bad events upon them. However, in reality, it is simply making the most of
whatever situation arises for us!
Everything we do has a risk. Look at crossing the road. We know that jaywalking has a high chance of us becoming
a bonnet emblem on a speeding car, and a hospital casualty afterwards. We minimise that risk by ensuring we look both
ways before we cross, we cross only at a pedestrian crossing or safe point, and we make sure we are visible to the traffic.
That is called risk management - using strategies to ensure safety.
Risk management is also about who bears the risk. If we hire an insurance company to take the
risk, they will pay us if and when something goes wrong. However, for that, they will want to be paid. That is
called a premium, the cost of the insurance they provide.
The balance between how much we pay, and how much risk we bear, is where Allied Financial Planning can
help you. It is a critical point, important to get the balance right.
The first step is to decide what and who in your life is at risk, either through borrowings, reliance
on your health for income to fund lifestyle and investments, or through activities and lifestyles.
The next step is to decide how much responsibility we want to
take for the risk, and how much to give to an insurer. That is where we can help, by showing you the costs and benefits
of the different insurers, what they offer, what they cover and more importantly, what they don't.
We can look at the insurances you already have and evaluate
them. We can provide quotes from the different insurers for any shortfalls and advise you which ones provide the best
risk management for your particular situation.
Most importantly, as our client, we review your situation regularly to make sure your financial structures and strategies,
including risk management, are keeping pace with your life.
For a review of your insurances, complete the form below and expect to hear from us soon.
