A financial plan documents a person’s long-term financial goals and creates a strategy to achieve them.
The plan should be comprehensive but also highly individual to reflect the individual’s personal and family situation, risk tolerance and future expectations.
The plan begins with the calculation of the current state and cash flow of a person and ends with a strategy.
The Human Life Approach is a method of calculating the amount of life insurance a family needs based on their financial loss when an insured family member dies.