There are three ways to manage risks. The best plan takes all three into account and develops a strategy that fits their personal financial situation.
Take all Possible Preventive Measures
If the time comes when people become a little unsteady on their feet, they should have enough common sense to stay off roofs and out of slippery bathtubs. Unless People take common sense precautions, all the insurance in the world can be meaningless. Insurance only cushions risks with money after something bad happens. To live with style, their objective should be to keep accidents and illnesses from happening in the first place. Take a risk management approach that is, avoid risks without hurting their lifestyle and then transfer the remaining risks to others. Like other aspects of life, risks can be managed.