As insurance premium safe guards the value of our financial assets & human life value from unfortunate hazards or events. Our materialistic life which is being driven by money at regular intervals also need to be protected from inflation, retirement, unemployment, pandemic etc.
So it is important to keep in mind that some amount of money from our earnings should be saved and invested to insure that we along with our family gets a financial free span of life. A proper financial planning considers all the needs and formulates an exact corpus which one need to live a life without financial hurdles. Executing this strategy can be termed as wealth insurance or income insurance.
In this strategy it is more important that we keep in mind that inflation will always keep on devaluing our money and so our investment rate should target to beat inflation always and fulfil needs, desires, and requirements, not only for today but years down the line.
Investment tools which considers a long-term investment plan, tax-reduction strategy, risk management, provision for emergency funds, asset allocation and a diversified portfolio for wealth creation will assure a better wealth insurance and insure a life with enough financial provision.