Insurance plays a big role in risk management for a personal financial plan. Outline an insurance plan for various stages of life. Specifically address the following required elements:
Explain risk management and its importance.
Identify types of risk and how you can manage them.
Determine appropriate insurance coverage by investigating options for property and vehicle.
Determine appropriate insurance coverage by investing options for life, health and disability.
Explain tax implications of insurance (i.e. life insurance proceeds, healthcare reimbursement, flexible spending accounts, and disability premiums/proceeds)
Explain insurance needs short-term, intermediate-term, and long-term based on the development of your personal financial plan.
This is what I have...
Insurance plays a big role in risk management for a personal financial plan. Outline an insurance plan for various stages of life. Specifically address the following required elements:
Explain risk management and its importance.
Risk management is the process of identifying and evaluating situations involving pure risk to determine and implement the appropriate means for its management. This is important because it allows you to make arrangements through planning before a loss occurs. (Google books, N/A)
Identify types of risk and how you can manage them.
Types of threats are personal, property and liability risks. Risk avoidance, risk reduction and risk shifting are all methods to manage risks these risks.
Determine appropriate insurance coverage by investigating options for property and vehicle.
Appropriate coverage for a vehicle would consist of bodily injury liability, property damage liability, limited property damage liability, property protection insurance, personal injury protection benefits, uninsured motorist bodily injury, underinsured motorist bodily injury, collision, comprehensive or comprehensive w/glass, rental reimbursement, and towing and labor cost.
For me, this would be ideal, but not realistic at this time. I currently only have the basic coverage due to financial reasons.
When it comes to home and property insurance it is best to get coverage that insures your home, personal property, personal liability and related coverage and specialized coverage. I currently live in a manufactured home and am looking for home insurance, but I am still waiting on the insurance company to respond in order to complete my investigation on my options.
Determine appropriate insurance coverage by investing options for life, health and disability.
There is term life, mortgage life, whole life, universal life, variable life and disability income protection.
Not sure if this is how the questions are meant or not...if not, and you understand...can you explain?
Thank you

