our approach

Risk Management…

It’s Bigger than Just Insurance!

For far too long, the insurance industry has only offered you a choice of just two risk management strategies:

1) Transfer the Risk (You buy insurance)

OR

2) Retain the Risk (You don’t buy insurance and pay for it out of pocket if something goes wrong).

The unfortunate part of this is even some of the insurance agents (sales persons) don’t even understand this.  We believe there is a third option that fits right in the middle

3) Avoid or Reduce your risk.

Sounds like a no brainier huh?  It does, however the issue occurs when you don’t even know there is a risk.  If you don’t know there is a risk, how can you avoid, reduce or transfer it?

This is where our Beacon24™ diagnostic process comes in.  We have broken the process into Six different core areas to focus on. Each one able to stand on their own, yet most effective when coordinated together.6 Beacons

Each core beacon starts with the first step…

  1. Consult -just like a doctor talking to you for the first time when you are sick, we also have to learn about your situation and concerns.
  2. Diagnose – we take the information we receive from you and determine your illness that needs to be treated, in our case your risk that needs attention
  3. Plan of Treatment – this stage has many parts starting with the following questions:
    1. Can the risk be avoided or reduced?
    2. Can the financial impact of the risk be retained, if not at what level will it be too much to handle?
    3. Can the financial impact of the risk be transferred to an insurance company?
  4. Monitor the Plan – This is the implementation of the plan and ongoing monitoring of it to maintain effectiveness.

4 step process

P.S. Did you notice that insurance was not a part of the process until step 3 part 3?

Insurance is a tool to help transfer the financial impact of risk that would financially destroy you.

The TRUTH IS that insurance is not the answer to every question, unlike many insurance sales people would like to believe. Not to mention all the things insurance won’t cover.

Schedule a consultation today to evaluate what your unknown risk is.

Beacon - Property Risk

Did you know 64% of homes are under-insured & may not be fully repaired if damaged?  Many people make the mistake of confusing the purchase price with the true value to replace the home or building when damaged.

Beacon - Liability

According to ISO estimates that about 20 percent of people who do purchase insurance buy the minimum liability coverage and others estimate approx 15% don’t have it at all.  But what if you hit a patch of ice and are determined to be at fault and don’t have enough insurance, the job of the plaintiff’s lawyers is to track down the assets you have now and the ones you may accrue later.  In most cases for an extra $6 – 15/ per month you can get an extra $500,000 to $1 Million in coverage.

Beacon - Medical Risk

It’s no secret that the cost of medical care is skyrocketing year after year.  There is a reason why it is so expensive, however this is one area where paying for does not necessarily mean you get more. Whether it is individual health insurance or a type of Medicare supplemental program, schedule a conversation to develop a plan that is right for you.

Beacon - Disability Risk

Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire.

12% of the total American population are classified as disabled.

Whether it is paycheck protection while you are still working or Asset protection while you are retired, Disability & Long-Term Care planning is critical in managing the disability risk.

Beacon - Life Risk

Did you know 50% of the US Adult’s don’t have adequate Life coverage?

3 in 10 American households are under insured?

You can get some coverage for as little as $11-$20 / mo.

Beacon - Outliving Your Money

One in four 65 year olds today will live past age 90, while one in 10 will live past age 95

The average healthy couple will spend $377,000 on healthcare in retirement

The time to start planning is now to minimize the fear of running out of money in retirement.

how can we help you?

Contact us at the nearest Beacon Point Office to you or schedule a conversation online.

Thank you so much for all of your help with finalizing my health insurance. It appears that I’m all set now. I couldn’t have figured all that out without you. Thanks again,

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Julie Smith