Personal Risk Consulting Service
Our 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
We know how hard it can be to navigate the financial world when you do not have any experience in financial matters. Here are a few questions that you need to ask yourself when evaluating personal risks:
- 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.
- 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.
- Life insurance is important, but it is not the only type of insurance that your family needs. 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 your family and everything you own is protected.
- 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.
- You should tell your advisor if you face a lot of risks at work. If you are working in an unstable field, you will pose a higher risk of losing your job.
- You face more risks 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.
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 our SOGO Wealth & Risk Management experts.