A key component of any strong financial plan includes knowing and managing the many unforeseeable events that could potentially sabotage an otherwise successful plan. These are risks that cannot be predicted and, if they materialize, often cripple an otherwise healthy plan. Some of the most prominent risks are premature death or disability, business litigation, and the need for extensive long-term assisted living or nursing care.
Insurance is often the best solution to mitigate or eliminate the risks these events pose to the success of a family's plan, though not every type of risk requires an insurance solution, and not every family faces the same degree of risk in each area. In some situations, the risk is small enough to be absorbed by the plan without any additional work.
At SchlegelDunn, we recognize that a wise and prudent planner works with the client to establish what risks exist and what level of danger they pose to the overall success of the client's plan. Where the risk is significant and insurance can provide a benefit, we look to provide that benefit at the best value to our client and in the most efficient way. We also understand that insurance can be used improperly and is not the solution to every problem. In the same way that under-insuring a risk is not good financial planning, neither is over-insuring.