Hello! My name is Duane Kriener, I live and work here in Woodbury, MN. This publication has blessed me with an opportunity to contribute routine articles. These articles will generally be related to Personal Risk Management.
Personal Risk Management
Already you are either probably wondering, ”What exactly is Personal Risk Management?” or thinking, “I feel overwhelmed just thinking about it!”
Much like companies and other business entities, we each face risk everyday. However, while business entities typically engage whole departments of people to assist them in assessing and managing the everyday risks they face, individuals are generally left to fend for themselves.
It is for this reason that there are individuals, such as myself, who work with individuals to be their ally and guide in navigating their personal risk.
What types of risks do we face as individuals? There are a myriad of well-known risks that we all face: theft, fire, and auto accidents. These are common risks we typically try to mitigate through homeowners insurance or auto insurance. However, while these insurances are valuable tools, the reality is the risks they mitigate are limited specifically, to our homes and autos. What about the risk of early disability or death? Neither, your home or auto insurance provides any type of risk mitigation or benefit for these risks.
Similarly, are you in business for yourself? If so, what is your succession plan? Are you the “Key Man” in your business? What if you are not killed, but only disabled or otherwise, incapacitated? What happens to your business?
Do you have children or charitable causes you contribute to? If something were to happen to you, how would the future of these people or causes be funded? Do you wish to protect assets from taxation ramifications? Surely, you do! What is your plan for dealing with upcoming retirement and Medicare/Medicaid expenses, everyday health care, or long term assisted living expenses? What about retirement planning and estate planning/funding? How does one pass wealth to their loved ones?
These are just a few “risks” we face in everyday life. How best to cost effectively manage these risks can be overwhelming for an individual. Typically, as individuals, we are busy working in our careers and trying to maximize our income potential. Personal risk management, all too often, takes a back seat in our thought processes. Often, we maintain in an “I’ll get to that tomorrow,” mindset.
While we may have some pieces of a plan in place, i.e. auto or home insurance and maybe even some limited amount of life insurance. However, just as often we have it from different companies, bought outside of an actually planned need, without strong insight into how each piece fits into our overall needs. Then once bought, forget about it. Not looking at it again for years and sometimes decades at a time.
True Personal Risk Management requires vigilance and updating. It also requires a constantly evolving plan. Do you have the same income, assets, goals, passions, and plans you had 5 years ago? How about 10, 15, or 20 years ago? If you are like most people, with almost 100% surety, the answer is “No!” Given that to be a truism, then would it not be logical to not only have a risk management plan in place, but to review it routinely, (annually) for its appropriateness?
The bottom line of this article is that I encourage you to find a trustworthy individual to both formulate and simultaneously manage and update your long-term personal risk management plans. Your personal well-being and the future of your family and passions, may well depend on it.
Contemplate what’s important to you and work with a qualified individual to help clarify this and get your Personal Risk Management Plan in place.
- Duane Kriener is a Risk Management professional, with Farm Bureau Financial Services, in Woodbury, MN community specializing in Personal Risk Management - This includes insurance and financial planning items such as: Life, Accident, Health, Disability, Workman’s Comp, Property Casualty, including autos, boats, and motorcycles, commercial, and renters insurance, as well as estate planning, business succession planning, annuities, mutual funds, IRA’s, and other tax advantaged instruments.
If you are interested in discussing matters related to Personal Risk Management, Mr. Kriener can be contacted directly at firstname.lastname@example.org or Ph: 651-707-4460.