Risk
Planning
We offer a comprehensive range of financial services
Why Risk
Planning?
“Better be safe than sorry.”
Risk Planning, particularly through insurance, is a crucial aspect of financial planning. It safeguards individuals and organizations from financial losses caused by unexpected events. Life is filled with uncertainties, and a solid risk mitigation plan can protect against unforeseen incidents that could otherwise cause significant financial hardship.
Insurance acts as a financial safety net for events like accidents, illness, or death—protecting both personal and business finances. Without proper protection, such events can lead to severe financial strain.
- In personal financial planning, insurance protects an individual’s income and assets. For example, life insurance offers financial support to family members in case of death, while health insurance covers the costs of medical care.
- In business financial planning, insurance helps safeguard assets and income against events like natural disasters, liability claims, or the loss of key personnel.
Moreover, having appropriate insurance coverage provides peace of mind, enabling individuals and businesses to focus on their goals without worrying about the financial impact of potential unexpected events.
What is Risk
Planning?
Risk planning in personal financial planning involves identifying, assessing, and prioritizing potential financial risks and creating strategies to manage those risks. This includes:
- Purchasing Insurance: Having insurance helps protect income and assets from events such as accidents, illness, or death.
- Building an Emergency Fund: A dedicated savings account for unexpected expenses prevents the need for debt or the sale of investments during a downturn.
- Diversifying Investments: Spreading investments across various asset classes and industries minimizes the impact of market-specific downturns.
Our Approach
We begin by thoroughly understanding the individual or family’s current financial situation, including income, liabilities, and future goals. Our objective is to create a robust plan ensuring that, in the event of an unfortunate incident, the family has adequate insurance coverage to meet their financial needs.
We focus on three primary ways in which future income may be disrupted:
1. Untimely Death
2. Disability due to an accident
3. Critical illness
By calculating the Human Life Value (HLV) of the earning member, we recommend suitable insurance products such as Term Insurance, Health Insurance, and Personal Accident Insurance to cover these risks.
Emergency Fund Planning:
We also emphasize the importance of having an emergency fund. We work closely with our clients to assess their specific emergency fund needs and offer tailored solutions to ensure they are well-prepared for unforeseen financial emergencies.
Risk Planning Tailored to You
At PlanUrDream, we recognize that managing risks is essential to safeguarding your financial future. Our risk planning approach provides personalized strategies to protect against uncertainties and unforeseen events. We assess your specific needs and potential risks—whether it’s income protection, health coverage, or business continuity—and create a comprehensive plan that adapts as your circumstances change. By focusing on what matters most to you, we ensure that you have a robust safety net in place, giving you peace of mind to focus on your goals and aspirations.
