Understanding Risk

DECISIONS HAVE CONSEQUENCES

AND

SOMETIMES IN LIFE, YOU WON’T GET A SECOND CHANCE!

Wildebeests risk a life or death situation every time they migrate and cross a river in Africa.  There certainly are no guarantees for a wildebeest when crossing with the herd.  The sad reality!  Some will be trampled, some will drown and some will be eaten by crocodiles.


TALK ABOUT RISK AND NOT GETTING A SECOND CHANCE!

EVERY DAY, WHEN WE HEAD OUT THE DOOR, WE FACE RISKS – BOTH BIG AND SMALL.  THATS LIFE!  We just don’t think of our lives as risking every day, but every day is a risk let alone a financial risk with consequences attached to our actions.

Protecting ourselves from risk and harm are basic human needs.

We are taught at a very early age human actions must be followed because there are consequences to our decisions and we don’t want to bring personal harm to ourselves.

We learn and continue to learn throughout life decisions have consequences and even though we hope and always want to make good decisions.  Unfortunately, decisions are made or events occur resulting in terrible consequences to us and our loved ones.

Risk is part of our personal survival and plays an even bigger role in our financial survival.  Some risks aren’t always apparent.  This is especially true when it comes to assessing and understanding insurance risks, which is largely hit or miss unless you study and learn about it.

We start out absorbing the financial consequences of some of these risks, such as a tire blowout and the out-of-pocket cost of replacement.  We call this “self-insuring” and we typically self-insure many of the risks we know about—and obviously all the risks we don’t know about.

We’re probably not overly concerned about the risk of replacing a tire, but which risks should you pay attention to?  Which have such great financial consequences that self-insuring could be a disastrous strategy? And which can be reduced or eliminated?

Risk
Risk Management

Risk is acceptable to most people, as long as you’re aware of it and can measure its magnitude and meaning prior to the time you make a decision as to whether or not to assume the risk.

Risk will also evolve and change due to aging changing priorities.

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LIFE IS ONLY A CASH FLOW IN YOUR EARNING YEARS

Have you ever thought what’s your ability to earn and produce money really worth to you and your loved ones?

Your annual income now $_____________  x _____________ the number of years to age 65 = $_____________  POTENTIAL FUTURE EARNINGS.

This is the money you have left to earn.  This year.  Next year and every year thereafter.  This is one of your most important assets.  Plus your earnings will increase over time.

Rember there is nothing permanent except bills.

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TIME AND MONEY allows you to pay your bills for everyday living expenses, and maintain your standard of living for yourself and loved ones?

TIME AND MONEY allow you to accomplish all of your HOPES, DREAMS, WISHES, and, GOALS for yourself and loved ones based on HAVING THE TIME to earn money and live long enough without any of life’s uncertainties destroying your wheel of fortune.

MONEY ALWAYS MAKES THE DIFFERENCE BECAUSE LIFE IS ONLY A CASH FLOW…

PROTECT YOUR WHEEL OF FORTUNE!

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HOW LIFE CAN CHANGE IN A SPLIT SECOND?

Every day, everywhere in medical office buildings and hospitals throughout the United States.  People are unfortunately experiencing a significant change in their health due to a diagnosis of a medical condition, dreaded illness or an injury.  This will certainly cause one’s insurability to change and may even result in suffering a disability or death.

LIVING IN A DISTRACTED WORLD

HOW WE INCREASE OUR RISKS IN THE MODERN AGE OF TECHNOLOGY?

Texting And Driving 3D Cube Word Cloud Concept

TEXTING AND DRIVING = CAR ACCIDENTS

Driving is serious business!

Consider just one text or call can ruin it all.

DO YOU LOOK AT A SCREEN, TEXT AND DRIVE AT 25 OR 75 MPH?  What can happen in a split second can change your life forever?
Once again bad decisions can have devastating consequences.  Lose control of your car and when they’re extricating your body with the Jaws of Life or peeling it off the cement.  Now what?  This is what can happen in a split second!

“All distracted driving is dangerous, for every driver, all the time.”

HERE’S THE COUSIN TO DISTRACTED DRIVING.  DIGITAL DISTRACTED WALKING = ACCIDENTS!  

Staying connected and glued to a screen in our digital world can ruin your life.  Studies have found that texting and walking aren’t as easy as it would seem.  Researchers have concluded that those who engage in talking, texting, reading or listening to music while not focusing on the task of getting to where they need to go are cell phone impaired.  They aren’t likely to be aware of their surroundings and are less likely to keep their balance or walk in a straight line.

Today, the number of pedestrians who fall down stairs, trip over curbs, other objects, or even step into traffic, because they were paying more attention to their phones than their surroundings, increases each year and is causing an epidemic of fractures and other orthopedic injuries.

While smartphones are a huge part of our lives and serve a great purpose, they do come with responsibilities and risks.

The threat posed by always looking down rather than looking up can be dangerous to your health, financial well-being and to others.  Looking down for ONE SECOND COULD MEAN DISASTER!  The city of Beverly Hills is even promoting a community awareness campaign called “Heads Up, Phone Down.”

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STREET ACCIDENTS – THE DANGER ZONE!

Please don’t assume that approaching distracted driver sees you.  THE SREET IS YOUR DANGER ZONE.  Look carefully when you exit your car and get to the sidewalk as soon as possible.  Don’t get out of your car, standing there on a busy street with your door open while fumbling for a package or fastening the baby into their seat.  Are you thinking about that distracted driver who in a split second just responded to a text message and loses control of their car?

JAYWALKING ACCIDENTS?

Do you jaywalk assuming that distracted driver sees you, or worse do you jaywalk while on your phone assuming that the distracted driver sees you?

There are crosswalks for a reason!

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San Francisco, Ca - April 22, 2018: Bird, Transportation Start U

ELECTRIC SCOOTERS — The new menace on the streets and sidewalks everywhere as if there aren’t enough distractions on the road these days.   Following in the rideshare concept of Uber and Lyft, why not share a scooter?

Overnight in dozens of cities across the U.S., electric scooters have arrived, often without warning, parked along sidewalks and ready to be taken for a spin with a few taps on a smartphone and because the scooters are dockless, they’re parked anywhere when a ride is over, causing cities heartburn over blocked sidewalks and worse when they are just left on the ground and resemble liter.

Fun and Fast!  Kids and millennials can’t get enough of them.  Does anyone ride with a helmet, and earbuds or headphones are not considered safety equipment?   I have even seen two kids on one scooter.  What are they auditioning for the circus?  Talk about risk factors!  Consider what is between you and a road or sidewalk going at 10 or 15 MPH that won’t hurt or kill you or someone else.  When you hit a rock, pothole, lose your balance or control for whatever reason; a car driver doesn’t see you, you don’t see them or you smash into a pedestrian on a sidewalk.  Death or disabilities are inevitable.  How much fun will you, loved ones or your family have when everyone is suing everyone and lives are ruined forever!

“MAN DIES AFTER FALLING FROM E-SCOOTER AND SUFFERING SERIOUS INJURIES”

“BUS DRAGS E-SCOOTER USER TO HIS DEATH”   

“FATAL ELECTRIC SCOOTER ACCIDENT: FALLING AND NO HELMET”

What can happen in a split second can ruin you physically and your life financially?

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Underwater selfie with friend. Scuba diver and shark in deep sea

THE PRICE OF A SELFIE:  THE WORST AND LAST MISTAKE YOU’LL EVER MAKE!!
LOOK AT ME!  CAN YOU TOP THIS?

The quest for extreme selfies killed 259 people between 2011 and 2017 according to a 2018 global study.  This would include the tops of mountains, tall buildings, and lakes, where many of the deaths occurred.  Drowning, transport accidents and falling were found to be the most common cause of death.  But death by wild animals, electrocution, fire, and firearms also appeared frequently in reports from around the world.

A 19-YEAR OLD AMERICAN TOURIST FELL TO HIS DEATH TAKING SELFIES ON A CLIFF IN KURNELL, NSW, AUSTRALIA.

ISRAELI TEEN ‘DIES IN FALL AT YOSEMITE WHILE TAKE A SELFIE’.

Clicking selfies and sharing them on social media has become a mode of self-expression. People sometimes portray themselves amidst dangerous settings so as to gain attention on social media sites. In some cases, this has had fatal consequences.

Researchers claim that the actual number of selfie deaths could be much higher because they are never named as the cause of death. “Certain road accidents while posing for selfies are reported as death due to a road traffic accident.  “Thus, the true magnitude of the problem is probably underestimated.”

Here’s the Unfortunate Companion to Selfie Deaths.

Viral Videos that Go Wrong!

How social media challenges are driving dangerous behavior?

Businesswoman catching moment on her mobile . Mixed media

AN 8-YEAR-OLD GIRL DIES AFTER DRINKING BOILING WATER THROUGH A STRAW ON A DARE FROM HER COUSIN.  

A 22-YEAR-OLD MAN DIES AFTER CONVINCING HIS GIRLFRIEND TO SHOOT HIM FOR A FAILED YOUTUBE STUNT WHILE HOLDING A BOOK IN FRONT OF HIS CHEST BELIEVING THE BOOK WOULD STOP THE BULLET.  

AN 18-YEAR-OLD LANDED IN THE ICU WITH A FRACTURED SKULL AFTER JUMPING OUT OF A MOVING CAR.

No Selfie Sticks Isolated Vector Icon, Do Not Use Monopod For Se

Teens now are ingesting laundry detergent packets for the Tide Pod Challenge, pouring boiling water on unsuspecting friends for the Hot Water Challenge, or willingly dousing themselves with rubbing alcohol and lighting themselves on fire for the extremely dangerous Fire Challenge.

Kids and young adults are harming themselves or others at an alarming rate in order to gain attention or boost their followers on YouTube and Snapchat.  These social media platforms have turned what might have been just an isolated incident into a viral trend copied by thousands.

Wow!  Talk about bad decisions having consequences…

Hand writing the text: What If?

We hear about sadness and financial tragedies happening to others.  WHAT IF it was you?

WHAT IF you died too soon, suffered a disability during your earning years, or failed to plan for long-term care later in life even though someone could require care due to a disability at a younger age depending on the disability.

Please know, I want everyone to live and have more LOVE, FUN, SMILES, HAPPINESS, JOY, FINANCIAL SUCCESS and GOOD LUCK each and every day.  I never want to see anything bad or sad happen to anyone.  The difference is it happens every day to someone.  I know it happens every day, and yes I have seen it happen to my clients.

Tragic events unfortunately happen and won’t necessarily tell you a day in advance, and when it happens to someone else, it should make you think, what if it was me?
WE’RE NOT INVINCIBLE.  WE’RE SIMPLY HUMAN, AND IF IT IS YOU, NOW WHAT?

Reduce Risk words in the hold of a puzzle with missing pieces to

WITH A 9 LETTER WORD CALLED

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Insurance in its simplest terms protects and safeguards us against financial loss or harm arising from specific personal contingencies, such as natural disaster, fire, accident, illness, death, or disablement, and in consideration of a payment proportionate to the risk involved.

Insurance will always play a large part in our financial lives and wellbeing, and our insurance needs will continue to evolve and change throughout our lives.

Insurance solutions on my website are about protecting PEOPLE (life, disability, critical illness, long-term care) not things (property, casualty or liability insurance).

INSURANCE  WORKS WITH THESE THREE BASIC  PRINCIPLES:

(1) The premiums of insured’s who do not suffer financial losses, help compensates and reimburses the insured’s losses of those who do.  WE ALL SHARE IN THE RISK.

(2) It is important to note that insurance is intended to provide peace-of-mind and financial security and prevent against unknown consequences and financial tragedy.  What is this worth?  PLENTY!

(3) Premiums reflect the degree of risk.  THE GREATER THE RISK, THE GREATER THE PREMIUM.

Learn more in Living The Risky Life – The High Life Insurance Price $$$ For A Rush!

Fun jump skydiving from 12000 ft in Norway

What are the basic human insurance risks you face in life?

(1) Often overlooked becoming disabled before 65 and losing your ability to earn a living and pay your bills.  See “Insured Solutions:  Income Protection aka Disability  Insurance”.  This is the greatest risk you face during your earning years and more likely than dying.

(2) Another reality that does occur, which is being diagnosed with a dreaded critical illness.  See “Insured Solutions:  Critical Illness Insurance “‘What If You Survive?”‘

(3) A real possibility is becoming frail after age 65 and can’t care for yourself (long-term care insurance).  Even some disabilities before age 65 can require long-term care insurance.  See “Insured Solutions:  Long-Term Care Planning Puts You In Control Of Your Future”.

(4) A 100% certainty is death.  See “Insured Solutions:  Life Insurance ‘”Your Valuable Silent Partner”‘.  Each of these risks can be managed to your advantage.  You can create, protect and preserve your income, assets and net worth with the appropriate insured solution.

PREMIUMS ARE LEVERAGE!

Shift the risk to the insurance company by substituting a budgeted amount of money known as a premium to offset the unknown consequences, tragedies or serious financial problems that result in death, disability, critical illnesses or paying for the cost of long-term care.

I have learned from experience it’s much easier to budget a premium at the most desirable time when you’re working, your business is profitable, you can afford to pay premiums and more importantly you can qualify.  Many times it is even beneficial to pay premiums from investments or other assets to solve a financial problem with insurance.

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WHY IS PLANNING FOR THE FUTURE SO HARD?

We go to college and get educated.  We start a career, earn money and make more money.  We create a lifestyle as we make investments, build assets and our net worth grows.  We marry to have children and our financial responsibilities increase with respect to our spouse and kids – and possibly second families due to divorce or death.  Even if you are single, you’re not exempt from having financial issues that need to be addressed and can change.

We think things will never change.  We cannot imagine anything is going to rock our world or be any different tomorrow from what it is today.

Real estate values, the stock market or interest rates will never change, and we won’t experience a recession in the economy.  Here are other factors that can impact our lives.  Unemployment, bad business decisions, technology changes to our jobs, divorce, and not believing our health or insurability can change.  All of these events will usually occur at the wrong time.

We are safe most of the time, but in reality, we only feel safe. The truth is, we are never more than one really unfortunate day from seeing our world’s turned upside down, when everything we ever worked for, everything we ever built, and every person we ever loved can change or be taken away from us.   The perils of life are real, and it is something we must never forget.  WE’RE NOT INVINCIBLE.  WE’RE HUMAN AND WE TEND TO FORGET THIS TIME AND TIME AGAIN.

SMART INSURANCE PLANNING IS CONTINGENCY PLANNING FOR THE WHAT IF’S OF LIFE, AND IF LIFE IS A FINANCIAL RISK.  LET’S TAKE THE IF OUT OF LIFE AND THE IS OUT OF RISK.  This is where I can help you create solid contingency plans with good insured solutions, and YOU’LL BE GLAD YOU DID!

“Doing something costs something.  Doing nothing costs something.
Sometimes doing nothing costs more than doing something.”

Ben Feldman

Marc Maretsky Personal Insurance Services based in Beverly Hills, serves all of California and the United States.  I help my clients acquire life, disability, long-term care, and critical illness insured solutions, as well as enroll them into Medicare when eligible.

“No matter how fast technology changes our world and everything around us.  I believe the personal touch and a human voice are more important than ever.”

The purpose of MY WEBSITE is to provide insurance concepts and ideas of interest to my clients, favorable introductions, other professionals or anyone else who may be viewing this information.  The content is general in nature and subject to change.  It should not be considered complete advice on any company, product or ideas described.  Your appropriate attorney, CPA or tax advisor should be consulted for legal or tax reasons regarding your personal situation.

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