Risk is present anywhere and anytime. We will never eliminate the risk of losing our life or property. But, we can have a cushion to lessen the economic impact of the loss by having INSURANCE as part of our financial portfolio. Shying away from professional insurance advisors for life, non-life and medical insurance can be one of the mistakes that individuals make. It is because the contracts associated with risk management are complex that ordinary person can comprehend.
One of the risks that will hit us hard would be the cash flow risks. When the liquidity of the family dries up in any life stage because the breadwinner dies or suddenly stops working for any reason, then the spiral of problems will come out.
Before the onset of these problems, it is important to set time to understand the products out in the market to address this risk.
Insurance, retirement planning, and alternative income streams will be part of the top 3 concerns of financial planning more than planning for milestones that answers the wants of the persons.
This section will share more information on the different types of risks and methods to manage them.
