A well-constructed financial plan has two parts – wealth creation and wealth preservation. Wealth preservation helps you protect your ability to create wealth. Wealth creation is the part of your financial plan that helps you build the assets to meet your financial goals. Your goals may include saving for your children’s education or a future overseas holiday, or having enough money to live comfortably when you retire.
Wealth preservation (risk insurance) helps you protect your ability to create this wealth. Your wealth creation plan will be based on the assumption you will stay healthy and live to a certain age. But there may be unforeseen circumstances which can impact your plans. Risk insurance may help you to continue meeting your financial goals if you lose your ability to work or suffer a serious illness.
t’s not something anyone likes to think about. But life’s uncertain. You might not always have the luxury of the income you currently have. You could fall sick or have an accident. But when that happens, you don’t have to eat into the wealth you’ve worked hard to create.
That’s why a sound financial plan will help you create wealth and preserve it. Your financial adviser can help you structure your financial plan so that if you’re not able to work, you can still maintain your standard of living and keep your investments. Your financial plan is all about helping you keep control of your wealth, so you can make the most of it when you retire. It should also ensure your family is taken care of when you are no longer around to take care of them. Ultimately, your financial plan is about providing you and your family with peace of mind.
Risk insurance shifts the financial burden created by personal risks to insurers who can afford to cover them by pooling the premiums paid by their customers. It provides peace of mind that you and your family are financially secure. Risk insurance may pay an ongoing income or lump sum if you can’t work because you’re temporarily or permanently disabled, or if you die. Different insurance for different needs.
Through getting to know you, your situation and your financial aims, we will develop a insurance plan tailored to your needs.