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Is your financial security at risk?

A new Web site developed by University of Illinois (U of I) Extension specialists will help you answer that question.

Developed by Karen Chan, a U of I Extension consumer and family economics educator, the new site helps you answer questions pertinent to your personal financial stability, as well as identify and help manage your areas for most potential risk.

"A personal risk management plan can help you assure that you are protecting the people you care about and give you peace of mind," Chan says in a university report. "Most people just buy the insurance they are required to have, or the insurance that is sold them. It can be an empowering experience to look at the whole picture and actually develop a plan for managing financial risks."

The site provides a step-by-step guide for developing such a plan.

"Without a plan, you may be over-insured in some areas and under-insured in others," Chan says. "You may be unaware of the risks to which you are exposed. And you may be insuring risks that are more emotional than financial in nature."

Site users will be able to identify those events which pose a financial risk and learn the four basic methods of managing risk.

"You will also be able to determine the methods you are currently using to manage your risks and identify gaps in your current risk management strategies," Chan adds.

A new Web site developed by University of Illinois (U of I) Extension specialists will help you answer that question.

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