Developing a risk management plan is commonplace in business, but many individuals overlook the management of risks that could impact their families. It is important to take time out to consider issues or life events that may happen. Like what would happen if your income stops unexpectedly, or if you or your partner or child were incapacitated by sickness or accident. What would be the financial outcome and stress from these events?
There are some positive steps that can be taken to manage risks, including building savings to fall back on. Also, consideration of how income protection, death, total and permanent disability and trauma insurance may be necessary to mitigate the risks.