Uncertainties in life are always bound to occur and you must have experienced it in your career. But what concludes is how well you have handled these uncertainties. No matter how organized you are and how conveniently you have planned your wealth, there is always a risk of fluctuations in the market. These risks may come immediately or slowly but it can surely harm your wealth to a large extent. Be it for you or your family, risk needs to be taken care.
Securing yourself with that risk is always a wise step and a worthy decision. You cannot predict how the markets will react or whether you will be able to manage that situation, hence, its better you create a backup plan for it. For each and everything you have opted for and you depend on, getting insured for it is a must. If you do not have a backup plan than you have no other option than just sitting and waiting for something good to happen. Risk may be many and their consequences may be harsh, but getting rid of those consequences is important. Believe it or not, you can never predict the future even after having a knowledgeable go through about the markets. A regular check is needed.
Other risks like policy violations, legal infringements, market deterioration and personal imbalances may harm your investments and effect your growth. Hence, you need to keep everything in mind and start taking firm steps so that you secure your wealth effectively. Manage your risk wisely because you never know how much you can suffer if you are careless.
Talking about Risk management, Karvy Private Wealth offers a service that takes a complete view of various risks faced by the family/individual and to actively provides for the same. The service is intended to identify, quantify and mitigate these risks. Taking insurance cover is an important component of risk management. However, often families face the unidentified issue of insufficient cover, outdated calculations of cover requirement, leaving some risks uncovered (e.g. property). Hence, we believe that having some insurance policies is not same as having done careful risk management.