OBJECTIVE In the Risk Management Course, many different risks related to life, health, and loss of income exposures were identified and discussed, as well as various insurance products available for dealing with these risks. This project is a critical thinking exercise that provides the student with the opportunity to assess their personal situation related to financial planning, estate planning, and a personal risk management analysis, and the possible solutions related to each area. This paper will only be seen by you and your instructor.
Your paper must include:
1. Status of financial planning for your family. Describe whether you have established financial goals, developed and implemented a plan for achieving those goals, and identified a process for reviewing and revising this plan.
2.Describe any steps that you have taken for estate planning for your family. If no estate planning has been done, explain whether this is something that you may consider for the future and why.
3. In developing a comprehensive financial plan, risk management is a vital component. Conduct a personal risk management analysis for you and your family.
4.Be sure to include:
-The Facts of the Case
background information to set the context.
-Analysis of the risk of completion of all goals and objectives and any significant others in your family.
-Identify the income needs in regards to family goals and objectives.
-Identify all possible solutions addressing the problems.
-Analysis of the risk of loss of health for yourself and any significant others in your family.
-Identify the income needs related to disability, sickness, or premature death.
-Identify possible solutions addressing the problems associated with disability, sickness, or premature death.
5.Wrap up the paper with an action plan of steps to be taken to solidify the financial/risk management plan for your family.
6. Conclude by discussing what you have learned from this exercise.
7.Reference all material. Minimum of 3 references needed outside of textbook. (4 total).
The paper must be properly cited using APA methodology.