"Risk management" encompasses more than insurance but insurance is important and most people are improperly insured: too much of some and not enough of other types of insurance.

Protecting against catastrophic losses and protecting against lawsuits (liability) are very important and covering these subjects is one of the first steps financials planners will take with their clients.

"Variable Products" and Annuities are pushed hard by insurance companies as a prudent combination of insurance and tax-free investment. Often they are neither; nonetheless, annuities do have a place in many peoples' portfolio because of the feeling of security provided by a guaranteed pension, which is no small thing; research is required, however, to locate the one that is most beneficial to the client.

Beyond insurance are the considerations of how to protect against long-term threats, which are usually political in nature such as inflation and war. These may seem distant concerns but anyone planning for 30 or 50 years into the future needs to acknowledge that they are real risks which must be addressed.