Insurance plays a crucial role in personal and business financial planning. Here’s how:
- Protects Wealth: Prevents sudden financial losses due to accidents, health issues, or property damage.
- Ensures Future Security: Life and health insurance provide long-term financial stability.
- Encourages Savings: Some insurance policies, like whole life insurance, offer investment components.
- Helps in Retirement Planning: Certain insurance plans provide income post-retirement.
Incorporating insurance into financial planning ensures a more secure and stress-free future.