8April - 2023OPINIONIN MYINSURANCE - MEANS TO A FINANCIAL PLANNING AND WEALTH PROTECTION END By Vijayan Ramanjulu, Head of Legal & Secretariat, UEM Sunrise BerhadAs the adage goes, most individuals fail to plan. What could be worse than not planning? Making inadequate or unrealistic plans. For instance, an unfortunate death of a person could result in undesirable consequences, such as family feuds and calls on debt obligations among other things. Financial planning is an act of evaluating one's current financial state and future expectations. Wealth planning on the other hand is a form of asset calibration that requires sophisticated and systematic assessment of one's financial standing, asset allocation, and asset distribution. At its very core, one should never disregard or even underestimate the importance of insurance in the realm of financial and wealth planning and how having proper insurance consideration can help protect one's wealth by providing a lump sum payout in case of any unfortunate event as above mentioned. It must be emphasized that insurance is an essential part of any sound financial plan. Being prepared for the unexpected will ensure that you can still reach your goals even at the height of any financial or economic crisis. Insurance policies will keep one from having to empty their emergency fund and protect their loved ones, if they're injured in an accident, become sick or disabled, or worse, face death. Certain situations can be expensive for those without coverage, so it's important to purchase policies that are necessary and relevantly match one's financial situation. In almost all instances, experts recommend getting insured
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