risk insurance

There’s no downside to protecting yourself — always insure your risk

Thought Leadership on Corporate Financial Wellness presented by Raskin Gobal.

We are always alarmed when a client has a family, significant other, partner, etc., and no provisions in place to protect them. Or, when the client has the wrong protection in place.

Not having the right or adequate levels of protection in place can very quickly and unexpectedly bankrupt a family, both emotionally and monetarily. That’s why making sure you have the right protection is the next step in clearing the path toward achieving your financial and life goals.

Protection is a key element of your financial foundation. It’s the very first layer in fact. Without protection, no matter how much money you have, you are not safe. Even the smallest emergencies have the potential to bring down everything you have worked so hard to build.

Many of these emergencies or misfortunes are not even our own faults — they just happen. And that is the very reason protection is crucial. Everything in life comes with risks, and risk should always be insured.

Think of it this way: Building a million-dollar home and not installing a smoke detector is truly “playing with fire.” Everything comes with risk — and all risk needs to be insured.

In terms of your finances, not insuring risk can leave you completely vulnerable and without options. So, what do we mean by “insuring risk”? What vehicles insure risk? To put it simply, we are talking about:

  • Home, auto and liability insurance
  • Health insurance
  • Life insurance
  • Disability income insurance
  • Wills or living trusts

The last item on the list is the one most of us neglect, but it’s a critical piece of the protection pie — especially if you have children.

The fact is that most parents have yet to put legal documents (wills and trusts) in place in the event of their death or a life-altering illness.

It’s never easy to ask yourself the “what if” questions, but clearing away the obstacles to a solid financial future starts by doing just that. To risk looking at the not-so-pretty possibilities is the most courageous step you can take to avoid disaster.

Do you have a will? Are you adequately insured? If not, it is time for you to take some steps to ensure all areas of your life are protected.

Click here for more Thought Leadership from Raskin Global.

Leonard P. Raskin, Registered Representative and Financial Advisor of Park Avenue Securities, LLC (PAS), 954 Ridgebrook Road, Suite 300, Sparks, MD 21152.  Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, (410)828-5400..  Field Representative, The Guardian Life Insurance Company of America (Guardian), New York, New York. PAS is an indirect, wholly-owned subsidiary of Guardian.  Raskin Global is not an affiliate or subsidiary of PAS or Guardian.

PAS is a member of FINRA, SIPC.  Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

2017-36583 Exp. 3/19