Insurance (Life/Nonlife):

Insurance are financial instruments that serve different purposes in financial planning. Insurance is primarily a risk management tool designed to provide financial protection against unforeseen events, such as accidents, illness, or death.

By paying regular premiums, individuals can ensure that they or their beneficiaries receive a lump sum or regular payouts in the event of a covered incident.

This protection helps secure financial stability during difficult times, making insurance a crucial component of a comprehensive financial plan.