Insurance Planning

As society continues their quest to achieve security and reduce uncertainty, more formalized means are required for mitigating the adverse consequences of unemployment, loss of health, death, old age, lawsuits and destruction of our property. The function of insurance is to safeguard against such misfortunes by having the contributions of many pay for the losses of the unfortunate few. Essentially, insurance involves the sharing of losses, and, in the process, substituting certain small “losses,” also called the premium, for uncertain large losses. To appropriately plan for this, insurers use a principle called the Law of Large Numbers.

There are four ways people respond to risk: risk avoidance, risk reduction, risk transfer, and risk retention. Are you prepared for the unexpected? At Alvini & Associates, P.A., we are committed to the concept of needs analysis in determining the suitable insurance products our clients need based off of their own, personal risk management needs. We can also help educate our clients on the taxation of various insurance products. Our risk management process follows six steps:

• establishing objectives,
• identifying loss exposure,
• measuring loss exposure,
• developing a plan,
• implementing the plan, and
• regularly reviewing the plan

It is important to find the best insurance company and policy to meet your needs. Factors we consider in determining the proper amount of insurance one needs are based on deductible or retention, policy limits, tax implications, ability to pay for losses, psychological factors, and social and ethical concerns.

Alvini and Associates, P.A. offers help in areas such as Life Insurance, Health Insurance, Disability Insurance, Long Term Care Insurance, and Variable* and Fixed Annuities.