Focus on objectives

Each person’s financial objectives may differ in terms of individual circumstances, goals, attitudes, and needs. However, the objectives of most people can be classified as follows:

1. Protection against the personal risks of

• Premature death
• Disability losses
• Medical care expenses
• Long-term care expenses
• Property and liability losses
• Unemployment

2. Capital accumulation for

• Emergency fund purposes
• Family purposes
• Educational needs
• General investment portfolio

3. Provision for retirement income

4. Planning for one’s heirs (estate planning)

5. Investment and property management (including planning for property management in the event of disability or incapacity)