Take the Risk Management Test

[vc_row][vc_column][vc_column_text]Everyone faces some level of financial risk but most people hope that catastrophe will strike someone else. Sadly ‘someone else’ maybe you. This is why it is critical to review your insurances regularly and ensure they still meet your needs. Would you be able to cope with the risk of inadequate cover? Have you got too much cover? If circumstances have changed, have you adjusted your insurance?

You can be systematic in looking at the risks you face. Firstly, identify the risk, secondly analyse how significant the risk is, and lastly decide how you will handle the risk. Your choices are:

• Reduce the risk in some way (like installing burglar alarms),
• Build up sufficient financial reserves so you can manage a loss if it occurs (saving), or
• Buy protection in the form of personal insurance.

Everyone is different and for that reason, we recommend a periodic review with a risk management professional such as your financial adviser.

To start with try this risk management test.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”5322″ img_size=”large”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]It’s easy to tick a box quickly without too much thought. Make sure you consider issues such as:

• The rising costs of rebuilding your home and replacing lost assets.
• Debts secured against assets such as mortgages and investment loans.
• Providing for people who are dependent upon you. If the number of your dependants has reduced, you may have more insurance coverage than you need.
• A change in marital status.
• Accumulated leave from your job (sick leave, long service leave and annual leave).
• Your health and those of your dependants.

But it’s not easy to work through this alone. Use this grid as a starting point and make an appointment to see us – we can ask the questions you haven’t thought of.

And don’t forget, next year you get to do it all over again because the only constant in our lives is change![/vc_column_text][vc_cta h2=”Need help with Personal Risk Protection?” style=”custom” add_button=”bottom” btn_title=”GET IN TOUCH” btn_style=”flat” btn_color=”black” btn_link=”url:https%3A%2F%2Fwealthconnexion.com.au%2Fcontact-us%2F|title:Get%20in%20Touch|target:%20_blank|” custom_background=”#ad9156″ custom_text=”#2a2a2a”]

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In this article, we have not taken into account any particular person’s objectives, financial situation or needs. You should, before acting on this information, consider the appropriateness of this information having regard to your personal objectives, financial situation or needs. We recommend you obtain financial advice specific to your situation before making any financial investment or insurance decision.

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