“Risk management is the foundation of the financial plan;’ explains Jim Barnash, a financial planner based in Chicago. “And it takes many forms besides insurance.”

Jim Barnash

A financial planner can take an individual or couple through their basic insurance needs-life, health, auto, disability, and eventually, long-term care insurance. “It’s fairly easy to comprehend the value of protecting one’s stuff;’ Barnash says. “But non-property coverage is tougher for people to understand, and a planner can really help with that.”

A planner can also help coordinate other key plans and paperwork that need to be part of an individual or family’s overall risk management plan. “Since 2001, we’ve seen 9/11, the Terry Schiavo life-support court battle, and Hurricane Katrina affect the way we look at disaster and risk; Barnash notes. “A planner can help you consider medical directives, home inventories, and most important, up-to-date estate planning to make things easier for your family to carry out your wishes exactly.”

Insurance issues really need to be part of a broader disaster plan that need to be part of a broader disaster plan that should be reviewed every few years.