Risk Management & Insurance

Financial risk management is about managing risk and deciding what insurance you need to keep yourself, your family, and your business (if you have one) protected. Kansas Money Coach works closely with you to help assess risk and determine what insurance is best.

Insurance: To Have or Not to Have?

Several areas of your life are critical to insure, including:

  • Health insurance
  • Identity theft coverage – including restoration services to recover if your identity is stolen
  • Automotive insurance
  • Homeowner’s or renter’s insurance – to protect your home and property in it
  • Long-term disability – this may be covered by your company/employer
  • Long-term care – for anyone age 60 and above, or earlier if anyone in your family has special medical conditions
  • Term life insurance – a good general rule of thumb is to have 10x your annual income

There are some other areas we can discuss with you which you need to cover but may choose to self-insure including:

  • Dental
  • Eye
  • Short-term disability (after you have three to six months saved up of an emergency fund)

Estate Planning: Creating or Updating Your Will

Having a will ensures that your wishes are carried out and your loved ones are protected after your death. While it’s often a topic people don’t want to talk about or it may be something they push to the back burner, it’s a really important step to help reduce stress, tax issues, and financial burden for your family after you’re gone.

Estate planning is something that many people need to add to their to-do list. According to a Caring.com survey, only 42% of adults have estate planning documents like a will or living trust. That’s where Kansas Money Coach comes in. We can help you assess your personal situation, needs, and goals so that you and your family can have confidence in your finances, no matter what happens.

If you do already have a will, you’re in good shape. But, it’s not a “one and done” step. It’s also important to do regular check-ups on it to make sure that you address any changes as you go through life — such as getting married, having a child, or getting divorced.

Learn More About Financial Risk Management and Insurance

Check out our blogs about managing risk and insurance here.

Read more about risk management and insurance:

The Motley Fool – Managing Risk: It Takes More than Insurance

budgeting advice for individuals and families