Leah Kelvin
Active member
Insurance is critical in financial planning because it cushions individuals from various risks like accidents, illnesses, property damage or premature death. It is used as a means of managing financial risks by shifting these risks to an insurance firm. Disability and life insurance provide income replacement in case of disability or death, ensuring financial stability for beneficiaries. Property and casualty insurance protects assets against destructions, thefts and claims of liability. Health insurance facilitates provision of medical services while mitigating healthcare expenses. Long-term care insurance assists in preparing for long term care costs such as nursing home or home health care facilities fees. In general, insurance is vital to financial planning because it ensures fiscal safety, asset protection and essential service delivery during times of need.
Life insurance is very important in estate planning since after the policyholder’s death, it gives financial support to the heirs who may help them pay taxes on debt etc.. Business owners are safeguarded by business insurance against many types of loss. One has peace within oneself knowing that loved ones and other properties are safe guarded with this type of coverage. It forms an essential part of any financial plan that manages risk and ensures lasting safety. Incorporating insurances into a financial plan lays a foundation for wellness and resilience
Life insurance is very important in estate planning since after the policyholder’s death, it gives financial support to the heirs who may help them pay taxes on debt etc.. Business owners are safeguarded by business insurance against many types of loss. One has peace within oneself knowing that loved ones and other properties are safe guarded with this type of coverage. It forms an essential part of any financial plan that manages risk and ensures lasting safety. Incorporating insurances into a financial plan lays a foundation for wellness and resilience
