When this happens, they will suffer significant losses in meeting their retirement goals and their wish to leave their home to their children.

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Nov 7, 2022

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i just need the senctence to be paraphrased. if you can change the wording pls
1.Determine The Objectives:
An insurance contract is a legal agreement between two parties in which the individual pays the premium for coverage and the insurance company gives the family a lump sum payment upon death. So, it is very much important to determine the objectives of our clients. Because the major goal of life insurance is to finance the risk of a premature and untimely death of a family member or when others are financially reliant, it is critical to understand our client’s objectives. Mr. Dave and Mrs. Adela want to retire in next 20 years with good assets and a stabilized income where their aim is to have the income of $50,000 yearly.
2.Identify The Risk:
As a financial planner, we must identify the risks that the client faces and devise a strategy to mitigate those risks so that, even if the hazards occur, the impact on the client’s life would be low. We can predict various risks which client possess in their lifestyle. For instance,
Loss of job could impact their current and future earnings and income objectives.
Loss of income can impact their savings strategy and retirement goals
Exogenous risk such as Earthquake can disrupt the stable community.
Poor investment returns can impact their current investment portfolio and future earnings.

3.Evaluate the potential Losses:
As it is essential to identify risks, it is also necessary to assess the risk’s potential loss. By evaluating we could identify the appropriate impact of the loss on life. For instance,
The asset’s value is not fully insured because there is a significant risk component in the appraisal of the property, which is worth 2.3 million according to the data but is only insured for 650,000. As a result, the difference is 1,650,000, posing a significant risk to them.
The family’s investment return risk is low; in fact, it may be negligible because the couple mostly invests in secured and low risk investments. Their goal is to spend their hard-earned money on anything they can get on their hands.
Any natural disaster such as, earthquake could be a risk factor as they plan to stay in their home for a long time if one occurs. When this happens, they will suffer significant losses in meeting their retirement goals and their wish to leave their home to their children.
Couple does not have any will established between them, this possess a major risk of losing their assets to estate on premature death.
Any loss of income would have an indirect impact on the education of their children as the cost of their education is very costly.
4.Consider Alternatives and the appropriate risk management technique:
There are various alternatives which couple should consider in regards to their investment strategies and risk management and implement on it as it will help them to achieve their retirement goal efficiently.
They should include the new endorsement in their present house insurance coverage and change the claim payment clause to reflect the market value of the loss rather than the book value of the asset.
They might diversify their investments to a medium risk profile because they each make their own investing decisions, which could help them earn more returns in the future.
They should establish a will to safeguard their assets and outline how the testator’s assets are to be distributed at death.
Their major contribution is in Defined contribution plan where the returns are not guaranteed from the plan so they should shift their investments gradually in Registered Retirement Savings Plan where they can get the Secured returns.

5.Implement the technique:
After deciding on the best risk management plan to utilise, this stage is all about putting it into practise. We looked at insurance as a cost-effective risk management tool to address the couple’s primary risk of losing income due to death, job loss, disability, or illness.
Based on their current situation, they want to offer security for their dependent. We also addressed asset protection, such as protecting your home from natural disasters. The insurance would be able to pay any future expenses that may arise, such as burial costs and tax obligations.

6.On-going evaluation and review:
The final step in this process is just as crucial as the others since it will help us understand how our risk management plan is working. We should see whether any more insurance is required or if our current coverage is acceptable. If our client’s financial status changes or their goals change, it will be advantageous to adjust the risk management strategy and make the required adjustments to meet their risk management needs.

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