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Life Insurance & Risk Management

To help safeguard your wealth and ensure lasting financial security, it is essential to address potential risks. We are committed to providing you with exceptional guidance to protect your assets by offering life insurance and risk management solutions specific to your needs. Our independent brokerage structure allows us to take an unbiased view of the solutions available to find the appropriate fit for you.

Our Philosophy

Our Philosophy

Effective risk management extends beyond relying solely on insurance to mitigate identified risks. It encompasses a comprehensive multi-step process, including:

  • Risk identification & measurement
  • Impact assessment within the context of an overall plan
  • Development and implementation of suitable solutions
  • Regular review

Determining an appropriate risk management strategy involves striking an efficient balance between the level of protection and expense. Flexibility is paramount since the risks that are faced today may be either magnified or mitigated tomorrow.

Benefits of Life Insurance & Risk Management

Life Insurance is one tool that may be utilized in a risk management plan. However, the insurance market can be a complicated and cumbersome area of the financial sphere to navigate. Not all approaches to the life insurance market are created equal. At Granite Harbor, we offer a competitive advantage over traditional methods of acquiring insurance coverage. Once the need for life insurance has been determined, we begin the process of implementing the appropriate strategy by:

  • Serving clients in an independent, unbiased brokerage capacity.
  • Privately and discretely determining insurability before approaching the market to preserve the best possible underwriting offers.
  • Customizing a funding design that fits your specific facts and circumstances.
  • Comparing possible solutions across the entire array of product types, including private placement options.
  • Evaluating the various underwriting offers, flexibility in funding strategies, and credit worthiness of issuing companies.

Our intent is to help you feel secure in your risk management plan as we provide customized risk mitigation strategies with ongoing monitoring to ensure financial protection.

How Risk Management Works: Our Process

Identify and Measure Risk

The first step in the risk management process is to identify and measure potential risk. A significant part of the process is to discuss your background and understand any priority concerns. This allows us to focus on your primary issues, to identify risks that may not have been considered, and to communicate risk into quantifiable terms as compared to your current financial situation. It also allows us to show potential exposure at various points in the future to determine if the risk is increasing or decreasing. Finally, it helps us gain insight into previous strategies that may have been implemented or abandoned.

Determine Solutions

Once we understand the size and scope of the risks you and your family may be faced with, we can focus on the solutions that are available. We educate our clients on the difference between accepting a risk, mitigating or avoiding the risk, or insuring the risk. We ensure that existing risk management strategies continue to meet your objectives and are considered against any fresh solutions. Strategies are customized to your individual needs with a focus on efficiency and flexibility. Those strategies and their alternatives are discussed in detail so that you have a full understanding as to why one strategy is recommended over another.

Implement Your Plan

Finally, we work closely with you and your team of trusted advisors to create and execute an implementation plan. We will coordinate the many moving parts, including coordination with attorneys regarding any necessary legal documents, such as wills and trusts, buy/sell agreements, and gifting and/or sale documents. Tax implications and filings can be discussed with your existing CPA. We will also coordinate and implement the financial instruments necessary to the strategy, including investment accounts or the appropriate insurance product.

Our Commitment & Next Steps:

As with any successful planning strategy, it is crucial to periodically review to ensure consistent alignment with overall goals and objectives. Once the plan has been successfully implemented, we will agree upon and set an appropriate review schedule. We review the risk management plan and its documents to account for legislative updates, changes to the tax code, or circumstantial changes unique to your situation. This involves a comprehensive review of the financial instruments utilized in the strategy, including performance monitoring and continued alignment with your goals.

Finally, the review process provides a time to offer education on the strategies implemented and any changes that may be necessary. Once armed with the knowledge and confidence that you are well protected, you can focus on the other important facets of living your life.

Take control of your financial future and protect your wealth and loved ones with a comprehensive risk management plan. Schedule a 30-minute introductory call with us today.

Featured Resource:

Using Life Insurance to Transfer Wealth

Read to see how a well-designed life insurance strategy can be a tax-efficient way to transfer wealth and protect your legacy

Using Life Insurance to Transfer Wealth

Using Life Insurance to Transfer Wealth

Using Life Insurance to Transfer Wealth Life insurance can be a useful tool to accomplish many different planning goals. Specifically, if you are investing for a purpose that extends beyond your lifetime � like preserving wealth for generations to come � then life insurance can be a very attractive investment vehicle. Keep reading to see how a well-designed life insurance strategy can be a tax-efficient way to transfer wealth and protect your legacy.
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