Insurance Services

Protecting your wealth through risk management
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Creating an Insurance Strategy for your family

Your risk profile changes over your life. When young, you may have no one counting on you for support. With children, you want to protect their financial future through the age of maturity. With grown children and a funded retirement, your assets alone may protect your future…or maybe not.

Andy and Ben will work with you to understand the commitments you have made, the risks that you experience and the choices you have to deal with those risks. Risks can be handled in one of three ways:
  • Avoid the risk
  • Accept and self-fund the risk
  • Accept and transfer the risk

You can avoid risks by avoiding the situations that present the risk. In Minnesota for instance, you can reduce your travel after major snow storms to reduce your risk of car accidents.

You can accept and self-fund the risk by including it in your budget or setting aside a reserve fund to pay for it. For instance, your property and health insurance policies have deductibles that you have to pay each year because you know that you will incur some minor expenses regularly.

You can accept and transfer the risk by using an insurance policy or other contract to assign the risk to someone else. For instance, if your home burned down, the loss would be catastrophic for most people so they buy insurance.

In evaluating your risks, focus on the size of the potential loss and its impact. Unfortunately, the cost of the insurance is not always a good test of value. If the insurance costs a lot, you may be more likely to experience the loss and the loss may be significant.

Please schedule an appointment to evaluate the risks in your situation and explore ways to avoid, accept or transfer those risks.