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Risk Management

Risk management is about planning for the future of your family and your business. Montridge helps companies and individuals manage a comfortable level of risk by designing a plan that, while affordable, minimizes potential losses. In considering risk management most businesses think of insurance. While insurance plays a significant role in business risk management, it's not the only factor. Businesses now face a range of factors including environmental issues, insurance issues and security issues both physical and virtual. A balanced plan has adequate insurance to compensate for losses and formalizes plans to manage unexpected events, such as a death or disability, with minimal business interruption.

Risk management requires ongoing attention as a business faces different risk as it evolves, acquires assets or hires additional employees. The individual attention provided at Montridge ensures a business's risk management plan is re-evaluated regularly to ensure it meets the current needs of the business. Each business faces a different type and degree of risk.

Insurance

Insurance programs can now be tailored to fit specific needs of the individual and the business, including specialty insurance for industry-specific needs. Programs addressing disability or long-term care are an important component of your financial plan.

When people think about insuring risk, the first thing they consider is Life Insurance. Life insurance covers a range of purposes from paying off a mortgage and debt to providing income for a spouse, education for children or a charitable gift. It ensures your family is provided for into the future. While Life Insurance is critical for peace of mind and family protection, there are other important areas to consider when managing risk. At Montridge we also consider three other very important risk factors.

	Income Replacement in the event of Disability: What will happen should you become sick or hurt and unable to work? How will you pay the bills? What will happen to your retirement plans? Disability insurance can help reduce the stress and ensure you remain financially secure.
	Critical Illness: Due to medical advancements, more and more people are surviving serious illnesses like heart attacks, cancer, and strokes. However, most people are not prepared for the financial impact of recovering. Would it make sense to consider having an influx of money 30 days after diagnosis to properly and fully get back on your feet? Although a relatively new concept in Canada, it doesn't diminish the importance of considering the risk.
	Long-term Care: Although the issue of Long-term Care is not new, the emergence of Long-term Care funding is. As strain on the health care system increases, the question of who will take care of you in your later years is an important one. A Long-term Care insurance plan will allow you to maintain control of your lifestyle choices without burdening your family.