A Risk Management Checklist

Disciplined savings and smart investing are the cornerstones of long-term wealth accumulation, but it could be all for naught in the event of a substantial financial setback due to a loss of property, death of a spouse or a personal liability judgment. It’s why insuring against these risks is so critically important for achieving long-term life goals. Use this risk management checklist to help individuals assess any gaps in protection against life’s risks.

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    A Risk Management Checklist

    A Risk Management Checklist

    Disciplined savings and smart investing are the cornerstones of long-term wealth accumulation, but it could be all for naught in the event of a substantial financial setback due to a loss of property, death of a spouse or a personal liability judgment. It’s why insuring against these risks is so critically important for achieving long-term life goals. This risk management checklist has been prepared to help individuals assess any gaps in protection against life’s risks.

    _____  Is your home insurance coverage adequate to cover today’s home replacement costs? Remodeling and inflation may have driven such costs above coverage limits. Consider guaranteed or extended replacement coverage to eliminate the risk of a gap developing in the future.

    _____  Do you need and have flood insurance?

    _____  Is your personal property coverage at replacement cost? Are your personal property coverage limits sufficient, given the accumulation of personal property over time?

    _____  Do you own valuable items such as collectibles, art or jewelry that may not be fully covered under standard coverage provisions?

    _____  Do you carry sufficient amounts of personal liability protection? Many individuals can add an umbrella policy to their auto or home insurance to provide additional risk protection.

    _____  Do you have adequate liability coverage on the vehicles you own?

    _____  Does your health insurance fully protect against chronic illnesses?

    _____  Do you have sufficient life insurance to cover the loss of income in the event of a spouse’s death?

    _____  Do you have life insurance to cover your children’s college education in the event of premature death?

    _____  If there is a stay-at-home spouse, is he or she covered by life insurance? Stay-at-home spouses have economic value that will need to be funded in the event of their premature death.

    _____  Does each working spouse have adequate long-term disability protection? The odds of becoming disabled for more than 90 days before age 65 are greater than dying before age 65.)

    _____  Do one or both spouses have adequate coverage, or savings set aside, for long-term care expenses?

    _____  Is one or both spouses business owners? While not all coverage is needed in all circumstances, business owners may want to assess a range of business risks, including errors and omissions, employment practices liability, employee benefits liability, fiduciary liability, cyberliability and data privacy, business interruption, and fidelity and crime liability.

    _____  If the business is a partnership, does the company have key person insurance?

    _____  Is the business structured to protect owners from individual liability (e.g., an LLC)?

    Individuals benefit from a regular review of the personal and business risks they face and assess whether current protections are updated to meet changing circumstances.

    Please reference disclosures: https://blog.americanportfolios.com/disclosures/

    About The Author

     

    Director of Insurance Products 
    631.439.4600, ext. 177 

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