Personal Risk Consulting Service

SOGO’s personal risk consulting service does just what its name implies. It is a way to evaluate the risk that you and your family face. You may not think that you are a high-risk individual. However, you may be surprised.

The goals of personal risk consulting services are:

  • Identifying your personal risks
  • Evaluating how likely you are to encounter each risk
  • Creating a risk management plan to minimize losses
  • Implementing that plan

That might sound a little daunting, but remember that you don’t have to come up with a plan on your own. Most financial companies offer personal risk consulting services.

We know how hard it can be to navigate the financial world when you don’t have any experience in financial matters. Here are a few questions that you need to ask yourself when evaluating your personal risks:

  • Do I need to buy a home inventory? Before you can determine how much you are worth, you need to ask a professional to complete a home inventory. This will let you know how much your estate, and everything else you owe, is worth. That way you will know how much you stand to lose if anything happens to your home.
  • Do you have life insurance? We suggest that you take out a life insurance policy on yourself and everyone in your family. This is especially important if you have a pre-existing health condition. Life insurance will ensure that your family is taken care of if anything ever happens to you. You and your family are automatically shouldering a lot of risk if you don’t have this type of insurance.
  • What other types of insurance do you have? Life insurance is important, but it’s not the only type of insurance that your family needs. What other types of insurance do you have? Health insurance decreases your risk of health related risks, home insurance decreases your risk of loss if something happens to your house, and so on. Make sure that everything you, your family, and everything you own is protected against loss or injury.
  • Do you have any investment accounts? Investing might help you with wealth accumulation, however, it increases your personal risk. The amount of investment risk that you and your family have is dependent on your personal investment profile. A professional will be able to look over your investments and help you find out how you can decrease any risks.
  • Where do you work? You should tell your advisor if you face a lot of risks at work. Also, consider how stable your job is. If you are working in an unstable field, you will pose a higher risk of losing your job. You can consider this risk doubled if you are the main bread winner in your family.
  • Where do you live? You are facing more risk if you and your family live in an area that is prone to flooding or other weather-related hazards. Also, evaluate what type of neighborhood you live in. Is your house or business located in a high-risk area?
    These questions only comprise the tip of the iceberg when it comes to evaluating your personal risks. If you want to learn more about how to acquire a personal risk consultation, contact the professionals at SOGO.