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Risk Management

There is no denying that a proper risk management strategy is vital to one’s overall Wealth Plan.

 

As a key member of your household or business, you bring so much more to people's lives then just a financial contribution but should the unthinkable happen, it's vitally important to have insurance in place in order to ensure that everything you were working towards isn't derailed by you no longer being able to provide for them.

 

A premature death, catastrophic damage to property or unforeseen disability can derail all your retirement or business planning you worked so hard to put in place. A strong, viable risk management strategy is critical for both for short and long term planning.

 

At Humphries Wealth Group, we work with you closely to identify your risks and implement robust, affordable strategies to minimize any financial damage an unexpected death or disability may cause. There will always be risks that can derail our wealth planning goals. A critical component of wealth planning is not only identifying potential risks, but involves utilizing both products and services that are designed to deal with the risks.

IINCOME CONTINUATION

An important step in your wealth plan is preparing  for the unexpected.  Securing your family's future for these unexpected events provides peace of mind during what can be an extremely stressful time.

Income Continuation Risk Management Humphries Wealth Group
INCOME
CONTINUATION

ASSET PROTECTION

Having an adequate insurance plan is key to ensuring that your loved ones aren't having to rely on savings, cashing in investments or selling your home in order to cover unexpected  expenses from death or disability. 

Asset Protection Risk Management Humphries Wealth Group
ASSET PROTECTION

AGING IN RETIREMENT

With the rising cost of elderly care, most pensions can no longer fully cover your retirement needs.  Your plan should include a strategy that enables you to build a fund for your golden years.

Aging in Retirement Risk Management Humphries Weath Group
AGING IN RETIREMENT

ESTATE PRESERVATION

Transferring wealth is not just for the affluent.  It is essential for anyone who wants to ensure that the assets they've worked hard to accumulate remain in the hands of their loved ones at death.

Estate Preservation Risk Management Humphries Wealth Group
ESTATE
PRESERVATION

One of the more common ways of dealing with financial risks is through the purchase of risk management/insurance products. The needs of insurance change over a lifetime.  In the early years, the focus is on income protection, creation of additional estate value in the event of premature death or disability. Later in life, the focus is on asset protection and legacy planning.

What about the insurance you already have?

You may already have some insurance coverage in place through your employment, business or attached to your mortgage or business property but it has been our experience that most people have not taken a step back and done a complete review of their overall insurance plan in order to ensure that it is aligned with their wealth plan from both a coverage & cost standpoint . At Humphries Wealth Group, it is a continuous process of reviewing  the insurance that is in place against the insurance that is required in order to ensure that you leave something behind to help those important to you in what will undoubtedly be a very stressful time for them.

Property & Casualty Insurance

 

Your home means more to your family than just a roof over their heads. In a time of crisis, many emotions are tied to the preservation of the home. For many people, the largest assets on their balance sheet would include their principle residence and recreational property. Unfortunately, many people take a cavalier approach to understanding what their property insurance actually covers and how their mortgage insurance actually works. This can come back to bite you financially if you are ever in the unfortunate position of having to make a claim. 

 

In particular, there can be some unique planning issues for a high-value residential property, condominiums, Life Lease arrangements, property held in the US, as well as property you own in other provinces.

Assante Estate & Insurance Services Inc. (AEIS)

 

Through AEIS, our practice has access to risk management specialists and insurance brokerage services. The more common products that we broker, include:

 

  • Life Insurance

  • Disability Insurance

  • Critical Illness Coverage

  • Long Term Care Insurance

 

This is an area that requires specialized knowledge. As part of our wealth planning process, we address the importance of having appropriate property insurance in place. As part of this process, we can make arrangements to have a specialist review our client's policy coverage.  

Contact us to discuss your insurance needs today!