Why is Insurance Policy Important in Personal Financial Planning?

[Suba]

Currently, insurance policy has become an important part in the preparation of personal financial planning that can provide self-protection from various life risks, be it life, health, property, vehicles, fire, travel etc. So everyone should have at least one type of insurance that suits their needs and financial conditions. So in your opinion, why should we include insurance policy in making personal financial planning?

 

[Springtime]

Taking out insurance policy is to ensure that we have money for unexpected events such as accidents, sickness, third-party liability. This is part of financial planning.

 

[Augusta]

Insurance is financial plan's safety net – having the right insurance at the right amount protects you and your family from unforeseen events and provides a baseline financial cushion.