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:
1. Explain risk management and its importance
2. Identify types of risk and how you can manage them
3. Determine appropriate insurance coverage by investigating options for property and vehicle.
4. Determine appropriate insurance coverage by investing options for life, health and disability.
5. Explain tax implications of insurance (i.e. life insurance proceeds, healthcare reimbursement, flexible spending accounts, disability premiums/proceeds)
6. Explain insurance needs short-term, intermediate-term, and long-term based on the development of your personal financial plan.